Insurance firm in Bahrain eyes tie-ups
Manama, August 12, 2014
Bahrain-based LIC (International), a regional subsidiary of Life Insurance Corporation of India (LIC), is in advanced negotiations with financial institutions to be part of its distribution channel.
The official announcements regarding the agreements are expected soon and the move is part of the insurance firm's expansion strategy, said a report in the Gulf Daily News (GDN), our sister publication.
This was revealed after the 87th meeting of the company's board of directors held at Movenpick Hotel, Muharraq, yesterday.
The company has issued 4,811 new policies and collected $74 million first premium from January to July this year, directors heard.
LIC of India chairman S K Roy, managing director V K Sharma, Intercol director Abdulrahman Ali Alwazzan and LIC (International)'s new chief executive and managing director Rajesh Kandwal attended the meeting.
The introduction of a Group Life Policy and system of SMS updates to customers are part of the company's silver jubilee initiatives.
Two new conventional products in line with demand from non-resident Indians (NRIs) and local citizens of GCC are due to be launched this year.
Earlier this year, Roy had told the GDN that LIC (International) is targeting 20 per cent annual growth in policy issuance.
"The company has grown rapidly for the last few years by means of expansion, mechanisation, product innovation and different marketing strategies," he said then.
The total number of policies in force as of December 31 last year was 91,104.
Last year, the company issued 9,512 policies with sum assured of $214.63 million.
LIC (International) was incorporated in 1989 as a joint venture between Bahraini firm Intercol and LIC.
It now operates in Saudi Arabia, Kuwait, Dubai, Abu Dhabi, Oman and Qatar.
In 2007, LIC (International) was given the licence to offer insurance products to all residents of Bahrain. The company today has assets worth more than $1 billion and a customer base of approximately 100,000. - TradeArabia News Service