Reliance General Insurance is betting big on sale of health insurance products in the highly under-penetrated SMEs as parts of its plans to achieve full-year profitability this fiscal.
Reliance General Insurance is betting big on sale of health insurance products in the highly under-penetrated SMEs as parts of its plans to achieve full-year profitability this fiscal.
SME health cover is a big untapped opportunity with most small and medium enterprises in the country not providing health insurance cover to their employees.
SMEs are estimated to employ nearly 75 million people in the country and contribute 9-10 percent of India's GDP.
RGIC, part of Anil Ambani-led Reliance Group's financial services arm Reliance Capital, offers motor, health, property, travel, marine and commercial insurance products among others.
Besides health insurance products for employees of SMEs, the company is also planning other sector-wise insurance plans in order to diversify its business portfolio.
Currently, motor insurance accounts for 64 percent of its total business, while health and fire account for 16 percent and 8 percent, respectively.
Reliance General is looking to re-balance its business portfolio as part of its plans to achieve 20 percent growth in current fiscal 2013-14.
The company reduced its full-year loss in last financial year 2012-13 to Rs 93 crore, from Rs 343 crore loss posted during the previous year 2011-12. It hopes to achieve full-year profitability in the current fiscal.
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