Bharti AXA General Insurance Company has lined up new initiatives with an aim to break-even next year, its chief executive said.
“As part of our go-to-market strategy in 2014, we are aggressively looking at a multi-pronged approach which includes growing distribution in smaller cities, deepening penetration in motor segment leveraging on ad-ons and growing retail health through both agency and digital,” said Amarnath Ananthanarayanan, CEO & MD.
“Rural is an opportunity for us and there is lot of scope in micro insurance” he added. At present, rural India accounted for 8 per cent of the company’s total premium which was expected to go up to 18 per cent in three years, he added.
During this year, the company plans to open 29 branches to deepen its reach and distribution in Tier-II and Tier-III cities.
The company was gradually reducing its exposure to group health insurance plans, especially hospital expenses reimbursement plans, a segment which had become unviable for general insurance companies.
Similarly, the company would go slow on commercial motor insurance where losses were high, he added.