Star Union Dai-ichi Bank of India, Union Bank of India and Dai-ichi Mutual Life Insurance Company is headquartered in Japan, a joint venture, was launched in 2009 during times of crisis, when the economy struggles to recover was doing. Later, the insurance regulator came down heavily unit-linked insurance plan, which was a heavy blow to the insurance industry.In an interview with mint money, Kamalji Sahai, managing director and chief executive officer, explains how he talks about the importance of bancassurance development and were able to achieve.
A time when the industry is growing at a negative is a positive development. How did you manage to do this?
We have a month to month depending on the branch activation is achieved by doubling the increase. During FY12, we could sell policies branches 46% per month. We have achieved 54% increase in the number of policies sold. About 92% over 8400 branches in our business last year. In fact, we proved that can be used to maximize bancassurance. In addition, our wealth, security, Platinum, assured of a return to traditional single premium plan, the business alone was around Rs. 120 million.
You rely mainly on bancassurance. In fact, the top three private companies that are currently promoted by banks.
Private companies, large-scale unit-linked insurance plans (ULIPs) sold, but the cost cap was significantly reduced with the commission. Agents not only found it advantageous to sell ULIPs. But the same problem as bancassurance channel is the institution that the Commission does not have to face. Bancassurance in tough times most companies defended. The channel is extremely powerful and can ensure consistency in performance.
Banks back then found it easier to sell ULIPs. Now that traditional plans are back, how much easier it would be selling them?
For banks, sales of traditional plans is difficult. They trained staff who understand well as traditional products will have to create a cadre. But I think the banks are getting ready for this. We as employees deputed to support banks and the strategies that worked well.
So far, banks have an opportunity, or have had to discuss the requirements for inspiration. The bank has a captive customer base and generally, customers' trust banks. Banks take advantage of this relationship. You will notice that most banks sell single premium ULIP. That's because they are familiar and comfortable with accumulated time and find it easier to sell.
But you also have started an agency channel. Why?
Agency is important because the environment can not be. Bancassurance currently two regulators, Insurance Regulatory and Development Authority (IRDA) and the Reserve Bank of India (RBI) is directed by. The RBI, banks are prohibited from selling products through a third party? Then (IRDA) bancassurance on the draft guidelines, which insurance companies are limited to certain states. We suffered a temporary setback guidelines may cause. This is an insurance company as well as alternative channels is important to look at.
bancassurance on the draft guidelines proposed that a limited number of states in each bank for a life insurance company can sell products. What's your pick?
Insurance companies promoted by the banks concerned. Companies that are cost-efficient bancassurance. Companies that prepare for the bancassurance channel, it will be fought all over again. The way I see it, these guidelines are not promoted by companies that are meant to banks.
bancassurance life insurance companies on the committee suggested two per bank open architecture. Is that better?
Open architecture is better than the current cannibalization. But in the long run, it will not work. This rate will lead to war, the banks will push products with high commission.
What is the way out?
Patience is the key. Look at us we have 92% activation rate. We now continue with the banks should have a monopoly. In bancassurance and insurance companies are seriously considering the option is a great opportunity. If interest has been generated automatically. Regulatory fears that it (bancassurance) to maximize not being used and I think it is too early to say.
Stakes in banks to insurance companies who are eager to buy happiness are obliging. That seen negative growth in a business that banks eager to do a stakeholder?
That is because long-insurance is a big advantage.In the embedded value life insurance business is large and expected returns are approximately 8-9 times the company's real estate. In other words, even a small share of the load off the promoter, it means a lot of money. In the long run it makes for a very lucrative business.
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