Bharti AXA General Insurance is planning to expand its operations in Tier II and III cities. The move to increase its presence in Tier II and III cities is mainly to tap these largely untapped markets. Addressing presspersons here on Tuesday, Kimsoon Chua, Chief Operating Officer of the company said rural and semi-urban markets remain offered good potential as these markets were largely untapped. The company was expanding in these markets by establishing points of presence outlets.
“Healthcare penetration in India is only 4 per cent which clearly shows that a large section of the society is underpenetrated and hence needs insurance cover”, he said. The company was already operating 122 points of presence across 115 cities employing more than 1,200 people and 3,000 agents, Mr. Chua said. The plan was to add another 100 points of presence next year, he said.
Bharti AXA’s focus area was health insurance which had registered a compounded annual growth rate of 30 per cent. The southern region contributed 27 percent of the company’s overall business with Tamil Nadu contributing 11 per cent.
Bharti AXA General Insurance offers a wide range of products covering health, motor, home as well as property and engineering, fire and marine insurance.
On the health insurance segment, the products include smart health insurance policy, critical illness policy, smart health-high deductibles insurance policy and hospital cash cover.
