ING Vysya Life Insurance to expand distribution network

21 November 2007

Chennai: Bangalore based ING Vysya Life Insurance Company Limited has chalked out plans to expand its distribution network.

The game plan consists of opening new branches and increasing the number of agents.

Says T K Uthappa, director of sales, Tied Agency, "We will open 200 new branches by the end of December 2008 or even earlier." Once that happens, the company''s branch network would go up to 500 offices, with a simultaneous increase in the number of employees by around 1000, taking the count to 7000.

The company will then be present in 180 locations up from 138.

According to Uthappa, the company plans to increase its individual agency force to 1 lakh heads from the existing 43,000. He said 45 per cent of the company''s agency force consists of full timers, with the remaining being part timers.

"We look at the agent''s activation rate, which is essentially the number of policies they procure per month. We would like our agents to bring in atleast three policies per month," he adds.