Bharti Axa to focus on rural markets

KOCHI: Bharti Axa General Insurance Company Limited has decided to give special focus on rural markets in its total business plans.

Speaking to ET, Mr George Kurien, chief financial officer, Bharti Axa General Insurance Company Ltd said that the penetration of general insurance companies is low in the rural markets probably because it is difficult to service.

���The market is also marked by the absence of big ticket business���, he said adding that it is more of a volume driven market. The company hopes to source 15 % of its business from the rural market in 4 to 5 years.

To service the rural markets the company will leverage on the network of Bharti Airtel retail centres. Apart from this, the various self help groups, NGOs and the micro finance organizations etc would be made use of in the rural markets.

Mr Kurien said that the company���s next round of expansion in Tier II and Tier III cities. The company has 70 offices at present. The number will go up to 70 by the end of the calendar year.

He said that the company will also introduce add on products. ���In fact we are awaiting IRDA approval for nearly a dozen such products���, he said. The company also announced the launch of their operations in Kerala by opening its office in the city. He said that four more branches would be opened in the state before the end of 2009.