Edelweiss Tokio Life Insurance targets 200, 000 lives in Pune by 2015 Pune, October 12, 2011: Edelweiss Tokio Life Insurance Company Limited, a joint venture between Edelweiss Financial Services Ltd, India’s leading diversified financial services conglomerate and Japanese Insurance major Tokio Marine Holdings has set a target of providing life insurance cover to over 200,000 lives in Pune by 2015. I
n line with its regional roll-out strategy, Edelweiss Tokio Life Insurance today inaugurated its first branch in Pune. The new branch located at 1st Floor, Vikram Nandadeep, Senapati Bapat Road will service Pune city and the nearby towns of Pimpri-Chinchwad. The Pune branch is the fourth branch in Maharashtra after Dadar and Borivili in Mumbai and Thane. The company is also shortly inaugurating two more branches in the state at Nasik and Nagpur. Edelweiss Tokio Life Insurance is expanding its presence in the country in a phased manner. Besides Maharashtra, the company has already commenced its operations in Chandigarh, Punjab, Haryana, Gujarat and would be rolling out into NCR and Goa by the end of FY12. The company is registered with a paid up capital of Rs 550 crore, the highest by any private sector life insurance company in India at start up stage. This was informed by Mr. Deepak Mittal, CEO, Edelweiss Tokio Life Insurance at the conference.
Speaking on the occasion, Mr. Mittal said, “We are very happy to launch our business operations in Pune, the globally acknowledged education hub, and in the recent times the IT city. Our unique approach to identify the need and offer insurance solution to our customers would stand us in good stead, in the times to come.”
“Pune is a growing city, therefore the residents of the city would increasingly need life insurance to help them plan for various financial needs and protect their dreams. We therefore see a huge potential for life insurance business in this region and expect the region to be a key growth driver for us in the coming years” said Mr. Yash Prasad, Chief Agency Officer, Edelweiss Tokio Life Insurance.
The company plans to recruit a team of close to 5000 Personal Financial Advisors (PFAs) in Maharashtra by 2015. These PFAs would have to undergo rigorous training specially designed to blend the Indian context and our international experience. This is expected to lead to higher customer satisfaction.
“The entire focus would be to develop a long term relationship with our customers rather than achieve a short term sale,” he added. The company till date has received approval for Edelweiss Tokio Life-Education, a traditional child plan; Edelweiss Tokio Life-Group Credit Protection; Edelweiss Tokio Life –Wealth Accumulation Plan -Cover Plus, Accelerated Cover, Comprehensive Cover, unit linked plans catering to the wealth accumulation needs, Edelweiss Tokio Life-Income Replacement and Edelweiss Tokio Life-Protection a pure term plan.
The company will continue to expand its product portfolio to meet the diverse needs of insurance customers. About Edelweiss Tokio Life Insurance Edelweiss Tokio Life, a life insurance company, is a joint venture between Edelweiss Financial Services, one of India’s leading diversified Financial Services companies and Tokio Marine Holdings Inc. a global leader with over 130 years of experience in the insurance business. This lineage brings together Edelweiss Group’s deep understanding of the Indian customers and Tokio Life’s international benchmarks .The company’s approach is to help its customers meet their life-stage financial goals by providing them innovative insurance products that have been designed with the needs of the Indian customers in mind.
To learn more about Edelweiss Tokio Life Insurance, please visit www.edelweisstokio.in
About Edelweiss Financial Services (earlier known as Edelweiss Capital Limited):
Edelweiss has emerged as India’s leading diversified financial services Group. Edelweiss offers a large range of financial products and services spanning across asset classes and consumer segments. Its businesses are broadly divided into Credit, Capital Markets including Investment Banking and Brokerage Services – Institutional, HNI and Retail, Asset Management, Housing Finance and Life Insurance.
Edelweiss now has 296 offices in over 150 cities pan India with 2750 employees. Edelweiss Financial Services Limited trades under the symbols NSE: EDELWEISS, BSE: 532922, Bloomberg: EDEL.IN, Reuters: EDEL.BO. To learn more about the Edelweiss Group, please visit www.edelcap.com.
About Tokio Marine Holdings, Inc.
Tokio Marine Holdings, Inc. is the holding company for the Tokio Marine Group which is one of the leading insurers globally. The Group has a net worth of net worth of JPY 1,940 bn (INR 106,000 crore) and a booked revenues of JPY 3,288 bn (INR 179,676 crore) for FY11 and operates across 40 countries. With over 130 years of experience in the insurance sector it has expanded its reach across geographies in life and non‐life insurance sectors. The Group has also successfully established Life Insurance operations as a second generation entrant in developed markets like Japan and Singapore and also in other developing markets like China, Malaysia and Thailand.
The Group is rated ‘AAA’ by Japan Credit Rating Agency (JCR) while its group company Tokio Marine & Nichodo is rated ‘A++’ by A.M. Best, the specialized rating agency for Insurance industry.
To learn more about the Tokio Marine Holdings Inc, please visit www.tokiomarinehd.com/en For further details please contact Shyamli Biswas: 9860710142 Salil Kulkarni: 9881736203 Tanmaya Vyas: 9922112269 Ketchum Sampark