The Hindu : Business : ING Vysya Life launches its operations in North Kerala

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Wednesday, Nov 16, 2005

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Business

ING Vysya Life launches its operations in North Kerala

Staff Reporter

KOZHIKODE: The ING Vysya Life Insurance on Tuesday formally launched its operations in North Kerala by opening a new office at City Plaza on YMCA Cross Road in Kozhikode. It had started functioning in Kozhikode city 10 months ago. But the official launch was held after it achieved a customer base of at least 1,000, ING Vysya Life director, Sales, Kshitij Jain, told presspersons here on Tuesday.

Kerala is one of the fastest growing areas for ING Vysya Life. It has been active in the State for over two years with offices in Kochi and Thiruvananthapuram. The opening of an office in Kozhikode would strengthen its presence in North Kerala, he said.

3 new locations

Mr. Jain also said that it was rolling out three new locations, Kollam, Thrissur and Kottayam taking the number of locations in the State to six. The process of recruiting and training new ING Vysya Life advisors in these locations was being done to further build its capacity to offer professional advice and customised insurance solutions to customers. He said that private players in the insurance sector had changed the rules of the game by offering new products and enhanced services. ING Vysya Life had a market share of 6.5 per cent of the 25 per cent private insurance companies had in the country.

Sixty per cent of its market was in South India. And, Kerala was a potential market. Thiruvananthapuram office secured the national champion branch after its mobilised 5,000 customers in its first year of operation. Besides, the average premium in the State was higher than that of its counterparts in the market, Mr. Jain said.

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