HDFC Standard to concentrate on quality not price
Mumbai: HDFC Standard Life Insurance Company Ltd, which was one of the first recipient of a license to enter the insurance sector, has clearly stated that it will not undercut competition and instead focus on newer products and customer service.

According to Mr. Deepak Satwalekar, managing director of HDFC Standard Life, the company has already readied several products after extensive research done with the help of consulting major, Boston Consulting Group. He stated that the focus of the new company would be on innovative products and not a price war.

Besides widely distributing its products through the network of other banks, the company will also sell its products on the Internet. In the third stage, the company may plan pension products. However, IRDA has not yet come out with the guidelines on pension funds.

With regard to the IRDA guidelines, that five per cent of the total number of policies sold in the first year should be in rural India and progressively go up, Mr. Satwalekar stated that with HDFC’s large retail base, this should not be very difficult.

The board of the insurance venture will have HDFC chairman Mr. Deepak Parekh, Mr. Scott Bell, group managing director, Standard Life Assurance Co and Mr. Alexander Skinner, general manager, overseas operations, as directors.
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