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Reliance Nippon Life aims at over 20 pc growth in new biz premium in FY22

Private life insurer Reliance Nippon Life Insurance is expecting more than 20 per cent growth in new business premium in the current financial year, a top company official said. The company is a joint venture between (51 per cent) and Nippon Life (49 per cent).

“In the current fiscal (year-till-date October), our new premium growth has been 20 per cent. We look forward to improving our performance in the rest of the financial year and grow over 20 per cent (for fiscal 2022),” the company’s Executive Director and CEO Ashish’s Vohra told PTI.

The company’s new business premium stood at Rs 553 crore for the April-October period as against Rs 462 crore in the same period of last fiscal.

The insurer has been mostly present in the savings insurance segment, which includes guaranteed, participating (PAR) and ULIP products, he said.

“As we see markets maturing, we see greater demand for guaranteed insurance products in the market. The growth will come from new products and new solutions,” Vohra added.

The insurer has recently launched a fully guaranteed product which offers 5.5-5.75 per cent of guaranteed returns to customers over long tenures, he said.

It plans to launch a term plan and a participating plan over the next two-three months, he said.

Vohra said in the current fiscal till October 2021, the company has settled over 8,800 claims worth over Rs 217 crore with a claim settlement ratio of 99.12 per cent.

The insurer has a network of over 700 branches and is not considering adding more branches at present, he said.

However, it plans to increase headcounts in the branches.

“Our plan is to recruit another 8,000 employees over the next 12 months. This is also to back fill some attrition that happens in the natural course,” Vohra said.

The company is also looking to recruit at least 25,000 advisors in the next one year on a base of around 45,000 advisors.

Vohra said at the moment, 98 per cent of the company’s policies are originated digitally and it plans to take this number higher.

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