A market linked product requires more understanding than a

A market linked product requires more understanding than a

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Bancassurance channel will continue to remain our growth engine

IDBI Federal Life, a three way canada goose outlet joint venture between IDBI Bank, Federal Bank and Ageas, a Europe based insurance multinational, posted its best ever results last canada goose clearance sale financial year. It declared a net profit of 101 crore, a growth of 94% over FY17, marking the sixth Canada Goose Coats On Sale consecutive year of profit. Vighnesh Shahane, CEO and whole time director, IDBI Federal Life Insurance, says that this speaks of the strong culture of the organisation which encourages quick decisions, provides accessibility to senior management, an apolitical work environment, employee friendly policies and open, honest conversations across hierarchy. Edited excerpts:

canada goose jacket outlet What is your focus for canada goose clearance 2018 19, given that the life insurance industry is looking at growing the protection business and also getting the canadian goose jacket right uk canada goose outlet product mix? canada goose jacket outlet

canada goose outlet black friday Over the last one year, because of canada goose store the stock market bull run, we have seen a lot of demand for ULIPs (unit linked insurance plans). canada goose uk outlet However, historically, we have primarily been a seller of non participating products largely due to the customer base of the banks, which prefer traditional canada goose factory sale plans with guaranteed returns. canada goose outlet black cheap Canada Goose friday

So, while last year’s product mix was 43% ULIPs, 23% non PAR and 33% PAR products, this has not always been the case. Going ahead, we would look at focusing on the PAR and non PAR segment as 80% of our customers are bank customers and hence, we would prefer to sell them safer, conventional, guaranteed products that they desire.

goose outlet canada Bancassurance has been your dominant distribution channel. How do you plan to consolidate on the channel, given the fact that open architecture is now a reality? Also, which other channels are you looking to nurture and grow? goose outlet canada

canada goose outlet We have seen that over the last 10 years, 80% of the company’s business has come from the Bancassurance channels, mainly IDBI and Federal Bank. The two shareholders have a uk canada goose pan India presence with over 3,000 branches and buy canada goose jacket provide us with Canada Goose online a low cost, hygienic platform to reach out to customers and do business. canada goose outlet

canada goose outlet sale canada goose Over the next five years, the percentage of Banca would continue to remain at 80% but the overall pie would grow. In terms of other channels, we are looking at growing the agency business in a calibrated, smart manner as our focus is on profitability. canada goose outlet sale

canada goose outlet jackets When it comes to the online front, it is in an extremely nascent stage, contributing around 3% of the premiums at this point of time, but we want to take it to around 5 7%. canada goose outlet jackets

We are also taking baby steps in the superannuation and gratuity space, and want Canada Goose Outlet to get more aggressive in the group protection space with our protection product for housing loan customers of the bank.

Most of the prominent life insurance players have focused on ULIPs in the last few quarters. How do ULIPs play out in your scheme of plans?

canada goose outlet reviews We have always been a traditional platform player, because these are the kinds of products that the customer base of our distributor banks are comfortable with. The last year, however, saw an upsurge in ULIPs due to booming markets. A market linked product requires more understanding than a traditional product, from both from a customer and seller’s point of view. canada goose outlet reviews

canada goose outlet shop Hence, Canada Goose Jackets we would be selling these products to a customer only after doing a thorough needs analysis, understanding his risk profile and if we are convinced that he completely understands the product. canada goose outlet shop

canada goose outlet canada Was the life canada goose black friday sale insurance industry able to benefit from the disruption caused by demonetisation? Did demonetisation help the life insurance industry? canada goose outlet canada

Post demonetisation, we saw a huge movement of investments to financial assets viz. mutual funds, life insurance.

We saw a quantum jump in the premiums collected in Q4 of FY 2016 17. This is because a lot of informal money came into the formal banking channels and found its way into formal investment routes.

canada goose black https://www.canadagooseisverige.com friday sale Increasingly, people are looking at comprehensive insurance solutions. Life insurance players are getting aggressive to enter into the health segment, what are your views on the same? canada goose black friday sale

At IDBI Federal, we do not have a health or pension product. When a customer walks into a bank, we believe that as a financial consultant, our job is to give him the best advice. If he is interested in a health plan, then canada goose uk black friday he would be able to get a far superior health plan from the non life or health company whom the bank has tied up with. If, as a life insurance company, we try to sell a health plan which is not as sharp as theirs, then we are mis selling to the customer. I believe that avoiding such practices leads to higher persistency and lower customer complaints.

canada goose outlet in usa Do you feel that mutual funds are direct competitor to ULIPs? canada goose outlet in usa

canada goose outlet store Both are products of different categories and hence, it would be not fair to have a direct comparison. canada goose outlet store

canada goose factory outlet While I agree that both invest in the markets and have a similar pattern of investment, the biggest differentiator between mutual funds and life insurance would be the time horizon that the customer has for the investment. canada goose factory outlet

canada goose outlet uk sale If he has a cheap canada goose uk short term view, he should invest Canada Goose sale in mutual funds, but if he has a medium to long term view, he should invest in ULIPs. canada goose outlet uk sale

canada goose outlet uk How has been this fiscal year overall for the life insurance buy canada goose jacket cheap sector? Where do you see business coming from? canada goose outlet uk

canada goose outlet store uk The fiscal year has been a good one; we saw steady growth of business. canada goose outlet store uk

canada goose outlet parka Banca [assurance] shall continue to be our growth engine. And as mentioned earlier, we will continue to take calibrated steps to grow the agency, online and group channels, and this would help grow the business pie canada goose outlet parka.

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