With the aim of having a more ‘wholesome’ product portfolio and offer the right kind of products to customers, Edelweiss Tokio Life Insurance Company Ltd (ETLI) has embarked on a product rebalancing journey, as informed by sources.
The insurer is presently eyeing 15% to 20% annual growth in new business premium (NBP) for the next few years, said Sumit Rai, Managing Director and CEO, ETLI.
During the first half of this financial year, the insurer clocked an NBP of Rs.133 crore, a 13% year-on-year growth, which reveals better performance than the overall industry growth of 9% and private life insurance industry growth of 11% as well. The NBP marked Rs.344 crore for the whole of 2018-19.
“We are looking to have a wholesome and balanced product portfolio. We want to be a balanced player. The share of ULIPs could be 30 per cent, participating products 30 per cent, non-participating products 30 per cent and protection of about 10 per cent,” he said.
“We are keen to improve the protection quotient in our product portfolio. Our protection share has gone up in the last one year. Consumers are significantly more aware of the need to have protection. What was a hard push five years ago is not like that anymore,” he added.
