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Kotak Life Insurance opens new branch

THIRUVANANTHAPURAM: Kotak Mahindra Old Mutual Life Insurance on Friday opened a branch in Thiruvananthapuram, its fifth in Kerala.

The company already has branches in Kochi, Kottayam, Thrissur and Kozhikode. Addressing a press conference here, its Executive Director Pankaj Desai said the company would open at least two more branches in the State before the end of the year. These would be at Pathanamthitta and either Kannur or Alappuzha.

He said the company had plans to recruit more than 400 ‘life advisers’ to canvass life insurance business for it. “We will invest heavily in maintaining a well-recruited, professionally-trained and well-monitored life adviser force that has the capability to provide advice and recommend customised solutions to the customers,” he said.

Kotak Life Insurance now has 98 branches spread across the country, operating from 66 cities and towns. Mr. Desai said this was a phase of stupendous growth for insurance business, perhaps the “most robust sector” in the financial business in the country. While the trend lasts, the company will target to double its business on a year-to-year basis. “We are improving our distribution significantly and will expand to 160 offices in the country by the year-end,” he said.

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