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Interview of Gaurang Shah, Managing Director,
Kotak Life Insurance Company
What are the priority items on your agenda after
taking over as Managing Director of Kotak Life Insurance?
My priority would be to go on an expansion spree in terms
of workforce. Apart from strengthening the alternative channels
as well as bancassurance I would be concentrating on increasing
the number of sales managers from the present 450 to 700.
Besides more tie ups with banks are also on the anvil.
How much time do you give yourself to accomplish
these?
These should not take more than 6 months.
Newspaper reports state that private insurers are
only doing lip service towards rural insurance. How do you
plan to increase your reach and tap the potential in the
rural areas?
We have been concentrating mainly on Maharashtra and Gujarat
where we have a major presence than any other state.
We have also joined hands with several financial agencies
to push our risk products including Mahindra and Mahindra
Finance – IRDA approved intermediary. We will also be focusing
on Punjab - since the density of population is high there
especially the agricultural belt.
Private insurers are gung-ho about the hike in
FDI to 49 percent. Will Old Mutual be infusing funds?
I cannot comment on that now. But then as and when the
policy changes our foreign partners Old Mutual will take
an appropriate decision.
LIC has recently announced that it will not be
passing on the service tax cost to the policyholders. What
will be your stand?
I cannot comment on that right now. We private insurers
have formed a committee which will be taking a decision
on what should be course of action on that one. And how
exactly it will be worked out – well, lets wait for a couple
of months.
Sebi has said that unit linked risk products are
unfairly competing with mutual funds and that there needs
to be a level playing field as regards disclosures and charges.
If that happens will it not affect the sale of ULIPs? Your
opinion
It is a one sided view – there are two differences. First
of all - all Kotak products have clearly mentioned the disclosures.
And insurance is a long-term product let say for around
10 years or so. And if you consider such a long period I
don’t think the total cost of funds under management fund
will be any different.
What innovative products are you planning to come
out with?
We will be launching a slew of products in November. A
unit linked plan and the other would be a bancassurance
product.
How much has bancassurance contributed to your
premium income?
Bancassurance has contributed 25 percent.
What is your target for this fiscal?
This year the target is 300 crores as first year premium.
And we are looking at a growth of 240 percent.
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