And you thought it was just an ‘underdog’?

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With premiums worth Rs.912 crores and with a noteworthy count of 4,50,917 policies in its pocket, Reliance Life Insurance Limited aptly finds a place in our list. Born in the stable of Reliance Money, this insurance company is considered to be amongst the top private players in the Indian life insurance platform. But of late, the company seems to have gained greater aggression in deploying its strategies to gain a better grip over the market and to make life tougher for its competitors.

As disclosed recently, the company plans a huge expansion worth Rs.1000-1200 crores over the next couple of years. The company also has plans to open 400 more branch offices pan-India, adding to its existing kitty of 340 branches. The company is also trying to carve a niche for itself by offering innovative products. Express Life, the recent launch of the company focuses on providing instant coverage to its customers by circumventing all the paperwork and hassles that come free with a life insurance coverage. The product promises to offer coverage within three days of submission of the application form, something which sounds new and surely is new on the Indian sub-continent. This express service is considered to be most innovative and will surely change the buying and selling dynamics in the Indian insurance sector. As put forth by P. Nandagopal, CEO, Reliance Life Insurance, “This is the first-of-its-kind initiative in the sector. It would offer life insurance cover almost instantly to customers, without the hassles of a long waiting period, follow-ups and medical check-ups.” To garner greater market share, it is focusing on improving its distribution network and is also working towards an increased presence in rural and semi-urban India. Having set a target of selling a million policies during 2007-08 alone, one thing has become clear – this one’s not an underdog!

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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