New India Assurance in expansion mode; to recruit more agents

Planning to expand its business, New India Assurance is in the process of recruiting 500 officers and 600 assistants, Chairman and Managing Director G. Srinivasan said. With the intention to reach every nook and corner of the country, the company is planning to add more micro offices and tie up with banking correspondents. “We have plans to double agents force to one lakh  in a span of two years. We would also increase our micro offices from 600 to 1000,” said a senior official. 

“New India Assurance plans to open more regional offices to enhance empowerment to operating offices. The company’s board recently gave in-principle approval to three regional offices in Madurai, Hubli and Raipur to ensure more decentralization,” said Srinivasan. 

The company plans to roll out new products in the health and motor segment. The products will include a family floater policy, top-up product, critical illness product and one for high networth individuals. The company also plans to foray overseas in countries like Myanmar, Qatar and Canada  before the end of current fiscal.  

“We are targeting a premium income of Rs 15,000 crore this fiscal, including Rs 3,000 crore from overseas operations.