Private insurer Reliance General Insurance (RGI) said it is planning to hire over 4,000 retails agents as part of its strategy to boost business and growth.
"Our retail agent base has helped us achieve a significant turnaround in performance and we will continue to add more agents to increase profitability," Reliance General Insurance Chief Executive Officer Rakesh Jain said in a release issued here.
The company had hired 4,200 agents in the financial year 2012-13 to take its agent strength to 10,700. "We have achieved three consecutive quarters of profit and would like to see that continue with additional agents force, among other things," Jain said.
Reliance General would like to add over 4,000 agents in FY 2014 to take total strength to 15,000 by end of the fiscal, said Jain. Even as there is a slowdown in hiring in the insurance industry, Reliance General believes this is the best time to hire more to enter into the next phase of growth.
"Also, considering the under penetration in general insurance industry, more workforce is needed at this stage," he added. Reliance General Insurance has a market share of over 8%, in terms of gross written premium, in the Indian private sector general insurance industry.
The gross written premium for the quarter ended June 30, 2013, stood at Rs 706 crore, an increase of 25% year-on-year. The profit for the quarter was at Rs 10 crore against a loss of Rs 20 crore for the quarter ended June 30, 2012.
Economic Times, Thursday, Aug 15, 2013