Kotak Mahindra Life Insurance is gearing up to focus on growing its digital business and double the share of the protection portfolio from 3.2 percent to 6.8 percent, Mahesh Balasubramanian, Managing Director and CEO, Kotak Mahindra Life Insurance Company Limited, told.
“We are building the digital business with a bottom-up approach and creating an interplay of products, processes, and technology for a best-in-class customer experience across the digital ecosystem,” said Balasubramanian. He added that the company expects its online business to grow faster than that of the industry’s online business.
Kotak Life Insurance has recently started its digital business and said that, at present, it generates minuscule business from it. Its net profit for FY22 was Rs. 425 crore.
The company is also focusing on making protection that falls under the traditional portfolio stronger. Protection plans are specially designed to provide full protection and financial stability to the policy holder’s family in case of any unforeseen events. “In protection, we would like to grow by double digits, from 3.2 per cent to 6.8 per cent this year. But overall, we can get protection, which is currently in single digits, to at least double digits in the next two or three years,” said Balasubramanian.
The life insurance company will be adding 43 branches across the country during this financial year, of which nine will be opened in Tamil Nadu. At present, it has 253 branches.
Recently, Kotak Life Insurance was asked by the Insurance Regulatory and Development Authority of India (IRDAI) to focus on growing the life insurance business in Tamil Nadu and Pondicherry. The regulator has asked insurance companies to cater to region-wise growth by allotting different regions to different players.
This is a part of the Bima Manthan. Earlier this month, IRDAI launched Bima Manthan, a bi-monthly series of in-person meetings with the CEOs and MDs of all the insurance companies. It is a platform for the continuous engagement of IRDAI and the top players in the insurance industry.