L&T General Insurance, a unit of engineering and construction major Larsen & Turbo Group, is bullish on its growth prospects next financial year with business coming mainly from motor and health insurance segments, a top company official has said.
"We are bullish about our growth prospects in the next fiscal on the back of strong traction coming from motor and health insurance segments," the private general insurer's Chief Executive, Joydeep Roy, told PTI here.
According to the data released by Insurance Regulatory and Development Authority, L&T Insurance's premium collection soared by a whopping 12 times, or around 1,124 per cent, to Rs 124.46 crore during the April-February period compared to Rs 10.17 crore reported a year earlier.
Referring to the massive spike in premium collection, Roy said, "going ahead, the premium collection in percentage term may be a little subdued due to increase in the base. But, we are witnessing business traction in all our portfolios."
The company has set a target of collecting around Rs 1,000 crore in premium by the turn of FY16.
He pointed out that the company is also leveraging its technology to reach out to customers instead of just relying on the brick and mortar branches.
"Though we have 10 branches, we have been able to rope in customers from around 1,040 locations by leveraging technology. Going ahead, our focus on technology will continue for more customer acquisitions," Roy said.
The firm is also focusing on the micro-insurance space to penetrate the rural market. "We have six micro-insurance products and there is sound response to them in rural areas."
al started operations in 2010 with an initial investment of Rs 175 crore and tt aims to break even in 5-7 years.
Referring to capital infusion, he said the company is well capitalised as of now and further infusion will depend on the business growth.