Jul
28
Indian Insurer Reliance Life Insurance to Hire Additional Employees
By Ben | Published July 28, 2010
Reliance Life Insurance, an Indian life insurance company owned by the Reliance – Anil Dhirubhai Ambani Group, is planning on hiring large numbers of new sales managers and insurance agents to meet its ambitious goals for expansion.
Reliance Life Insurance intends on hiring 3,000 new sales managers and 150,000 new insurance agents by the end of the Indian fiscal year, which runs from April 2010 to March 2011. While the sales managers will be on the payroll as permanent staff, the insurance agents are to be considered part-time employees and will be paid commission on any customers brought in.
Reliance Life, which crossed the 6,000,000 policy threshold within five years, recorded INR 66.05 billion (USD 1.42 billion) in premiums in the 2009-2010 fiscal year. Reliance Life has plans to take in INR 200 billion (USD 4.29 billion) in premiums by 2012-2013, and hopes to bring in INR 100 billion (USD 2.15 billion) by the end of the current fiscal year.
Executives at Reliance Life Insurance have future growth plans of attaining 10 percent market share overall; at the moment they currently capture 10.2 percent of the private life insurance market, while making up only 5.5 percent of India’s overall domestic life insurance market. Further growth plans for Reliance depend on the second half of the Indian fiscal year, with the possibility of enlarging their branch network from 1,247 to 1,500 if economic trends permit. There are also plans to expand into the Indian health insurance market, with hopes of selling 1 million policies by the end of the fiscal year.
President and Executive Director of Reliance Life Insurance, Malay Ghosh said “We are raising the headcount by 20 percent in the current fiscal. We have already hired 2,000 sales managers in the first three months of 2010-11, and will add another 1,000 in the coming months. This human capital addition will increase the company’s total strength to 18,000.”
Insurance Company Mentioned:
Reliance Life Insurance
Indian life insurance company, Reliance Life Insurance, is an associate company of Reliance Capital. Reliance Capital is one of India’s top 3 financial services companies by net worth. Both Reliance Life Insurance and Reliance Capital are part of the Reliance – Anil Dhirubhai Ambani Group.
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