Shriram Life to expand ops in Bengal

12 Jan 2017

Private Life Insurer, Shriram Life Insurance Co. Ltd. inaugurated its office in Kharagpur. With this, Shriram Life has its presence in 19 locations of West Bengal with total of 601 branches Pan India.

In last 3 years, Shriram Life has exponentially grown its branch network across the country, which has helped the company to achieve a year on year growth. Shriram Life witnessed a growth in H1’16-17 of 32% on New Business Premium when the overall Industry grew by 38% and private insurers saw a growth of 30% YoY.

“We are building our distribution network with focus on middle and lower middle class population across India, since reaching the bottom of the pyramid population shall improve over all penetration of insurance in the country. We cater to the needs of the end users in these which is in line with Shriram group’s motto to serve the ‘AAM AADMI’, where we strive towards bringing innovative and customer friendly products for these income segments.” said Arvind Shivhare, Head of Sales, Shriram Life Insurance while inaugurating the branch.

The upcoming branch of Shriram Life Insurance also highlights the low cost model of operations of the company. “Since the company aims to double its branch network in the next 3 to 5 years, additions of these branches over time will cost-effectively expand Shriram Life’s reach to larger segment of society”, said Mr. Arvind.

In West Bengal, the company has witnessed healthy growth of 60% on new business premium in FY’16. The company sold close to 15,000 policies. We are looking to add more branches this year to 19 currently in the state, Sudhir Srivasatava, Regional Head of Sales said. (EOIC)