Chennai:
United India Insurance Company is planning to tap the rural
market and tier-III and tier-IV cities and would open 300 micro offices to
achieve its objective of financial inclusion, according to chairman and
managing director G Srinivasan.
Addressing a press conference here on Saturday srinivasan
said that the company has enrolled 1282 business correspondents who would take
the message of insurance to the rural areas in order to tap the huge potential
of insurance.
He said the company has covered 1.34 crore below poverty
line families across 32 districts under Tamil Nadu Chief Minister’s
Comprehensive Health Insurance Scheme which covers 1016 medical procedures. “So
far the company pre-authorized about 1.10 lakh claims to the tune of Rs 265
crore. It has covered 12.85 lakh employees of Tamil Nadu government departments,
which covered 59 surgeries and 53 advanced medical care procedures,” he added.
Srinivasan also said the company has posted an impressive
first quarter profit after tax (PAT) of Rs 192 crore, which is 21 per cent
above the PAT for the corresponding period last year and 50 per cent of Rs 387
crore reported for the full year,.
He said that the company’s premium income had grown by 20
per cent to Rs 2428 crore, with an accretion of Rs 406 crore over the
corresponding period in the previous financial year.
He also said during the platinum jubilee of the company,
the company plans to increase its agency force to 75,000 from the existing
strength of 50,000. The company has also to launch insurance literacy
programmes in 75 schools across the country.
Srinivasan also said the first quarter results show that
the company’s strategies are yielding the desired results and it is poised to
complete a premium of Rs 10,000 crore in the current financial year.
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