LIC to recruit more Bahrainis
Manama, July 23, 2007
Bahrain-based Life Insurance Corporation (International) is to enhance its products and services and recruit more Bahrainis.
During the last 18 years, the company has provided insurance policies to more than 100,000 people and has settled benefits to the tune of $46.27 million, said chief executive officer and managing director Sudhin Roy Chowdhury.
"Currently LIC (International) is serving about 63,500 customers with an annual premium income of $63.65m for 2006," he said.
LIC (International) started its operations in 1989 in Bahrain on July 23, 1989 with the partnership of International Agencies Coroporation Ltd (Intercol).
The objective of LIC (International) is to provide the best insurance solutions to the people in the GCC countries including expatriates and other nationals, said Chowdhury.
It is amongst the biggest life insurance companies operating in the GCC region.
As on June 30 , 2007, the total premium that has been collected by the Company is $33.55 million, showing a growth of 12 per cent, he added.
The total asset of the company is $358.76 million as on June 30, 2007.
Company offers many products, the most popular being the Professional Education Plan for children and the Participating Endowment Plan for various insurance needs. It also offers pension solutions.
Besides Bahrain, the company has its operations in Dubai, Abu Dhabi, Oman, Qatar, Kuwait and Saudi Arabia.
Newly-joined general manager of the company, Ajith Kumar said LIC (International) would introduce new technology to enhance its marketing campaigns and to serve its customers better.
"We are a subsidiary of LIC of India which is the biggest life insurance company in the world in terms of number of polices. Naturally, it helps us for marketing our products to customers."
Mr Kumar said the idea of selling policies to other nationalities came from the fact that LIC products are customer oriented.
"There is a lot of demand from people of other nationalities to buy our products particularly from the segments where a large group of people of various nationalities are working," he said. TradeArabia News Service