Life insurance company AMP Sanmar is geared up to increase its presence in the financial sector. Company officials inform that after building a strong presence in the South, the group is set to strengthen its base in the Western markets of Maharashtra and Gujarat. As part of the expansion plan, AMP Sanmar’s brand ambassador former Australian captain Steve Waugh has launched three new term-assurance products.
Speaking on the company’s development plans, Graham Meyer, Managing Director, AMP Sanmar expresses, “Being one of the early players in the life insurance market, AMP is iconic in the sector. We are now in a growth phase and correspondingly we have recently invested Rs 35 crore in the business.”
Explaining more on the areas that may witness a change, he says, “Until the end of last year, we had around 42 branches in the country and going forward by the end of August 2004, we will have 72 branches in place. In the South, we have a fairly dominant presence and the focus now is on other markets.”
Meyer also shed light on the kind of growth that the company has witnessed in the last year. Says he, “In the past year, we have recorded 200 per cent growth in all our key parameters including premium income. Our advisor strength will also double up this year, which I can tell you is good for this business because insurance and pensions are face-to-face marketing business.”
The company has added three more products to its portfolio. The term products are ‘Vani Shree’ and ‘Vani Shree Plus’, which are loan protection products. The third is an enhanced variant of the already existing term product ‘Raksha Shree’. Unveiling the products, Waugh remarks, “I am very happy with my association with AMP Sanmar. I took my first life insurance when I was 18 with AMP and since then, have only seen the service grow and evolve into giving better products.”
Pointing out the reasons why AMP Sanmar decided on Waugh being the brand ambassador, Meyer elucidates, “He represents the same qualities that AMP Sanmar stands for. Whether its ethics, rules, competitive attitude and team spirit or the will to win – all these are the qualities that AMP Sanmar stands for and that our staff stand for.”