United Insurance inks pact with LICHFL arm for distribution

MUMBAI: United Insurance India on Monday signed an agreement with LIC Housing Finance subsidiary to distribute its products.

Under the agreement, LICHFL Financial Services, a subsidiary of LIC Housing Finance, will distribute non-life products of United India Insurance through its fast-expanding network, United India Chairman-cum-Managing Director, G Srinivasan, told reporters here.

"Together, we are targeting a Rs 1,000-crore premium in one-year," LIC Housing Finance Director and Chief Executive, R R Nair, said.

To distribute these products, Srinivasan said, United Insurance will provide the training, capacity-building and technical expertise.

When asked about United Insurance's premium collection target, he said, "we have collected Rs 3,000-crore and are targeting around Rs 6,000-crore by March 11."

The Chennai-based insurer has 30,000 active agents and is planning to recruit 1-lakh more by March 2012, he said.

The company is planning to launch four new products in the next two months--two in the health segment and two in motor, which are already filed with the regulator, he said.