This general insurance company will give employment to 1.5 lakh people, more focus will be on claim settlement

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Shriram General Insurance (SGI), a joint venture between Shriram Capital Pvt Ltd and Sanlam Group of South Africa, is focussing on expanding the business and expanding its reach to more regions over the next few years. It is targeting to increase the number of its agents to two lakhs. The company currently has 57,000 agents, including point of salespeople. At the same time, it has a total of 235 branches.

The insurance company is from Jaipur and its gross written premium increased by 29 percent to Rs. 2,266 crore has been done.

While its insurance industry has seen a growth of 16 percent. Anil Agarwal, MD & CEO, SGI said, “We are excited about the business plan. The engine of growth is very strong. As per the plan, we will appoint more than 1.50 lakh agents, including Point of Salespersons.

What did the CEO of the company Said ,

 

We rely on our agents to drive different premiums as compared to brokers and aggregator platforms.’ He said that agents are our strength. He said that the company has a unique model to connect with the customers and bring benefits to them. In this, we are with them as a risk partner at every critical juncture, pointing them in the right direction of progress in their journey of life. Agents are the major engine of growth and around 14,000 agents were hired last year.

The company told the business plan

The CEO said that they are not only expanding the agency, but also expanding their workforce. There is a plan to recruit 750 people in the current financial year and 5000 people in the next 3 years. The company currently has 3,705 employees. SGI’s solvency ratio stands at 4.9 per cent against the regulatory requirement of 1.5 per cent. Its promoters have so far invested Rs. 259 crore has been invested. In 14 years the company raised Rs. Dividend of more than 2,200 crores has been paid.

More focus on claim settlement

Aggarwal said that we are focusing more on increasing our claim settlement. He said that speedy settlement of their loss claims is important to maintain their livelihood. While our investment in technology helps us speed up our business processes while increasing the number of employees and agents, technology also requires a capable team to operate and we are still in a physical model.