Centrum Group plans to set up a standalone insurance company over a span of next 3 to 5 years through both organic and inorganic routes. Separately, the group has won a Direct Insurance Broking licence and is targeting Rs. 500-crore revenue in the next 5 years. The new license will enable the firm to provide customized services to its clients.
Anirudh Jain, Head-Insurance at Centrum Group, told BusinessLine: “We want to scale up our insurance business first and then we are aspiring to become a standalone insurance company. This is the natural progression for us.” There is a lot of potential for insurance business in India, he said.
“The insurance broking business is growing at 27 % per annum and there exists a significant opportunity to scale up our operations. We are targeting to generate revenues of Rs. 500 crores through insurance premiums over the next 5 years, by leveraging synergies across the group’s other businesses of wealth management, housing finance and forex,” Jain said.
“We expect to sell one lakh policies by end of FY 2017-18,” he added.