RELIANCE GENERAL-Banking on Auto, Health Insurance

Reliance Genera Insurance Company, which stands as one of the budding companies in the overall 25000 insurance space, has implemented some aggressive retail plans. The company is heading for a variety of financial services distribution houses and looking forward to ‘mutually beneficial’ partnerships on the Reliance Capital brand franchise.

Reliance General has shown a high in its premium by 462% to Rs 912.23 crore in 2006-07. Mr. K.A. Somasekharan, CEO, Reliance General has reportedly said that the key growth factors which have resulted into a growth to over 70% in the last financial year have been Fire, health and motor insurance. The overall business has been contributed in a small volume by Premium income.

The company has started working towards the second phase of insurance reforms to be introduced next year, with some changes to be adopted in the terms and conditions of all general insurance products. According to the CEO, the company is emphasizing on simple, unambiguous and customer friendly policy wordings. Reliance General has no FDI plans, as it is a new entrant and one of the very few companies without a foreign partner.