Financial Daily from THE HINDU group of publications
Thursday, Aug 19, 2004
Financial Daily from THE HINDU group of publications Thursday, Aug 19, 2004 |
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Money & Banking
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General Insurance UI upbeat on micro-offices Sanjiv Shankaran
Mr V. Jagannathan
Chennai , Aug. 18 UNITED India Insurance plans to double the strength of its one-man-offices (micro-offices) this financial year, as it is upbeat about the returns they can generate. It had opened 200 micro-offices by the end of March 2004. Mr V. Jagannathan, Chairman-cum-Managing Director, said another 200 would be opened in the current financial year. In terms of premium income, micro-offices contributed around one per cent of United India's total premium income of Rs 3,068 crore in the last financial year. United India officials said that micro-offices' expenses in marketing policies are generally lower (one person functions out of home in this system). The system is also better at developing business relationships, they added. According to a company official, the concept had also helped them redeploy staff whose roles had become redundant following the growing use of computers in their offices. Micro-offices were started about two years ago by United India, largely to market personal insurance policies for individuals. Micro-offices generally sell insurance policies to cover risks connected with fire, healthcare and ownership of private vehicles.
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