Shriram General Insurance is going to recruit 1.50 lakh agents. The company has also made many plans regarding the business and is focusing more on the most important claim settlement.
Shriram General Insurance (SGI), a joint venture between Shriram Capital Pvt Ltd and Sanlam Group of South Africa, is focussing on expanding business and expanding its reach to more areas over the next few years. It is making a target to increase the number of its agents to two lakhs. The company currently has 57,000 agents including Point of Salespersons. At the same time, it has a total of 235 branches.
This insurance company is from Jaipur and its gross written premium has increased by 29 percent to Rs 2,266 crore in the last financial year
while its insurance industry has seen a growth of 16 percent. SGI MD & CEO Anil Agarwal said that we are excited about the business plan. The growth engine is very strong. According to the plans, we will appoint more than 1.50 lakh agents including point of salespersons.
What did the CEO of the company say
Aggarwal said that we rely on our agents to raise individual new premiums as compared to brokers and aggregator platforms. He said that agents are our strength. He said that the company has a special model to connect with customers and benefit them. In this we as risk partners are with them in their life journey at every critical juncture showing the right direction of progress. Agents are an important engine of growth and last year around 14,000 agents were hired.
The company told the business plan
The CEO said that he is not only expanding the agency, but is also expanding his workforce. There is a plan to recruit 750 people in the current financial year and 5000 people in the next 3 years. The company currently has 3,705 employees. SGI’s solvency ratio is 4.9 per cent against the regulatory requirement of 1.5 per cent. Its promoters have so far invested Rs 259 crore in the company as equity. The company has paid over Rs 2,200 crore as dividend in 14 years.
More focus on claim settlement
Aggarwal said that we are focusing more on increasing the settlement of our claims. He said that speedy settlement of self-damage claims is the key to sustaining their livelihood. Our investment in technology helps us to accelerate our business process while increasing the number of employees and agents, technology also requires a competent team to operate and also we are still in the physical model.