Edelweiss Tokio Life looks at expanding distribution capabilities in Gujarat
14 November 2019
With an unmoving resolve to create a robust quality of business, and maximise presence in the region, 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 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 a strong and skilled presence in the state. A unique partnership with the Gujarat-based Fincare Small Finance Bank has also helped improve penetration in the market.
Edelweiss Tokio Life has a great emphasis on keeping its quality of business buoyant. Despite its relatively recent foray into the sector, the insurer reported a persistency ratio of 83% and a claim settlement ratio of 95.82% in FY 2018-19.
“We believe that the quality of business determines how a customer perceives our business. And, the quality of business is also determined by how we are contributing to the society as its corporate citizens. We have always had an innate inclination towards associating with causes that have the potential to make a positive impact across communities,” Seth added.
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.
To equip themselves in this journey of spreading awareness, Edelweiss Tokio Life has also conducted a research to understand the low donation rate in India. 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.
For more details, please read the research report titled ‘Life After Life: State of Organ Donation in India.’
If you wish to pledge for organ donation, please visit us at edelweisstokio.in/organdonation
About Edelweiss Tokio Life Insurance
Edelweiss Tokio Life Insurance Company Limited is a joint venture between Edelweiss Financial Services Limited, one of India’s leading and diversified financial services companies and Tokio Marine Holdings Inc, one of the oldest (over 138 years) and largest insurance companies in Japan. Edelweiss Tokio Life Insurance launched its pan-India operations in July 2011, offering proprietary need-based solutions to help customers meet their life stage financial goals. This lineage brings together a deep understanding of customer needs and international expertise. The company is headquartered in Mumbai serving over 2.02 lakh customers through 43,681 personal finance advisors across 121 branches in 93 major cities as on March 31, 2019.
Edelweiss Tokio Life Insurance has been consistently recognized for its Product Innovation capabilities at several forums, namely Golden Peacock Awards 2018, Golden Globe Tigers Awards 2018, ET NOW - BFSI Awards 2018, Times National Award for Marketing Excellence 2018, India Insurance Summit 2019 and Skoch Awards 2019.
To learn more about Edelweiss Tokio Life Insurance, please visit www.edelweisstokio.in
For more details, please contact:
Edelweiss Tokio Life Insurance