For the April to September 2019 period, the non-life insurer collected premium of Rs 51.52 crore, showing a 70.4 percent year-on-year growth.
Edelweiss General Insurance which has now been in operation for one and a half years is now open to having a joint venture partner for the business. In an interaction with Moneycontrol, Shanai Ghosh, Chief Executive Officer, Edelweiss General Insurance said the insurer is in talks to find a partner.
Ghosh said cultural fitment and reputation are very important markers when it comes to looking for a partner.
Shanai Ghosh was today appointed as the Executive Director (ED) & Chief Executive Officer (CEO) of Edelweiss General Insurance (EGI). Ghosh has been ED and CEO-Designate since May 2019 and the appointment has been formally confirmed, post board and regulatory approvals.
“When it comes to a potential partner, we want someone who looks at India from a long-term perspective. It should not be a firm that has a short-term view of the business,” she added. The insurer is a part of Edelweiss Financial Services.
Edelweiss General Insurance completed its first full year of operations in FY19 and collected gross direct premium of Rs 92.55 crore. For the April to September 2019 period, the non-life insurer collected premium of Rs 51.52 crore, growing 70.4 percent year-on-year.
“Growth is a given since we have a low base. Penetration levels are so low in the country that there will be growth. However, our focus will be on being in the right segment at the right price,” she added.
When it comes to technology, Ghosh said they have a digital operating platform and are among the country’s first ‘cloud-native’ insurer. Cloud-native is an approach in building and running applications.
The company has also invested in the SAP Suite that refers to a bundle of business applications providing integration of information and processes, collaboration, industry-specific functionality and scalability.
The insurer has a mix of 70-75 percent business coming from retail segment while the rest is from a corporate business. Ghosh said this mix will continue.
“We do enjoy the advantage of being part of the Edelweiss Group and this helps us get better access to clients. At least 10-15 percent of our business would come from the Edelweiss platform itself,” she added.While the issue of discounts has been a cause of concern in the industry, Ghosh said they have been very selective when it comes to the business segments. She said they will not enter any segment that is not sustainable.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.