Edelweiss Tokio Life looks at expanding distribution capabilities in GujaratSeptember 16, 2019
Ahmedabad: Edelweiss Tokio Life is exploring like-minded partnerships in Gujarat. Anup Seth, Chief Retail Officer, Edelweiss Tokio Life Insurance said, “Gujarat is a strategic and crucial market for us given the evolved business acumen in the state. We, currently, have a robust presence here through not only our agency, and direct channels, but also our partnerships with brokers, and corporate agents. We will continue to focus on building a multi-channel distribution network to be easily accessible to our customers in the region.”
The insurer said it has seen about 17% growth in its employed workforce in the region since FY 2018 and also works with over 4,000 personal finance advisors, known commonly as agents. Additionally, it also has partnered with key insurance brokers like Bluechip Insurance Broking, Integrated Insurance Broking Services, and more who have presence in the state. A partnership with the Gujarat-based Fincare Small Finance Bank has also helped improve penetration in the market.
The insurer said it has reported a persistency ratio of 83% and a claim settlement ratio of 95.82% in FY 2018-19.
Throughout November, Edelweiss Tokio Life will be observing Organ Donation Awareness Month in collaboration with Actor Rahul Bose, and NGO MOHAN Foundation. This awareness drive is aimed at educating the public about the significance of this cause and urging them to pledge. As per the study, only 10% people in Ahmedabad expressed their willingness to donate organs after death, with just 5% having registered their intent with a relevant authority. The research, conducted in association with Karvy Insights, shows that 77% of the 1565 respondents who participated, are aware about the concept of organ donation, but only 28% believe it to be important, and 14% understand the process of how to donate their organs.
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