After buying out the Chennai- based life insurer, AMP
Sanmar Life Insurance Company Limited, for an undisclosed
sum, Anil Ambani's ADAE (Anil Dhirubhai Ambani Enterprises)
is raring to go all out into the market.
a first step, an application has been filed for changing
the name of the company to Reliance Life Insurance. Its
new CEO, P Nandagopal, poached from Birla Sun Life Insurance
Company Limited, has been hired, who spends his time shuttling
between Mumbai and Chennai to reach out to employees with
the new owner's vision and goal.
financial target numbers are not known and strategies
are in the process of being drawn, what is being made
loud and clear to the employees is that the pace of topline
growth should be accelerated. According to reports, the
target is to have one million customers by the end of
this ambitious target would require a multi-pronged approach.
The two main prongs aredesigning new products and beefing
up the distribution. The company has hired a new actuary
who will replace Mike Wood, the current appointed actuary
as soon as he quits AMP Sanmar.
a presence in six states, Reliance Life wants a pan India
presence and also multiple distribution partners. This
means, the company will open more branches and also actively
covet corporate agents, banks and others. Incidentally,
it was Nandagopal who first implemented the successful
bancassurance model in India, while he was senior vice
president, alternate channels with Birla Sun Life.
there is no sign of employees being purged, some operations
like investments, actuarial and finance will be shifted
to Mumbai in the future. According to sources, employees
are still insecure as a new future path is in the process
the market, AMP Sanmar is faring quite well with the ownership
issues having been cleared. In August 2005, the company
booked a new premium of Rs12.5 crore.
Nandagopal, a B Com and MBA from Andhra University, and
a Fellow of the Insurance Institute of India, it is going
to be a challenging
assignment. After selling large policies at Birla Sun
Life effortlessly, he is expected to replicate the same.
He has to increase the premium averages per policy from
four figure numbers to five figures.