KATHMANDU, June 27: Ever since its establishment in 2008, Prime Life Insurance has carved a niche for itself in the Nepali insurance sector.
In the very first year of its establishment, the company was able to earn a net profit of Rs 56.7 million, which is a rare case amongst insurance companies in Nepal as only 4.7 percent of the total population is insured.
Prime Life Insurance, established with the investment of Rs 700 million, is one of the leading life insurance companies in the country. The company has issued over 225,000 policies and collected Rs 650 million as premium so far.
The simple motto of the company -- being small and efficient is not at all enough for the progress, one really needs to be big -- has proved to be the driving force for its success.
The company continues to be among the fastest growing life insurance companies in the country with incremental growth in premium, quality of business, customer service and assurance of good return.
All the branches of the companies are connected with international software called Soham Life, which has been helping the company a lot with the policy settlement process, efficient work and claim settlement process.
The fast growing company has a total workforce of 120 people in 45 locations. The company, which already has presence in 36 districts, plans to open 40 more branches in the near future.
“We have an agent network of 700 people and we plan to double it in the coming years,” Resta Jha, CEO of Prime Life Insurance, told myrepublica.com.
The aggressive marketing campaigns launched by the company have not just turned out to be beneficial for the overall insurance sector but have also disseminated a clear message about the importance of branding and campaigns for a business to flourish. For Prime Life, branding is something that actually helps capture the market effectively.
“Our campaigns have not just brought in more clients for us. They have contributed a lot in building a strong goodwill,” Jha said, adding, “At a time when people are cultivating doubts on the credibility of insurance due to controversies surrounding Unity Life International, our policies are increasing at an impressive rate.”
Insurance till date is being considered as a push market, but we are working really hard to turn insurance market as a pull market, Jha added.
The company also plans to invest in real sector such as health in coming years. “We have long term funds and we need to get long term investments, so we are planning to invest in real sector to contribute to the market in terms of employment and products,” Jha said.
As a part of its Corporate Social Responsibility (CSR), the company plans to contribute in education, health and community development sectors by supporting Ama Samuha in Syangja district with its corporate logo ´Your Life is Prime Life´.
Of the six life insurance products introduced by Prime Life, the company is putting major focus on Prime Life Dhansagar and Prime Life Swarnim Bima. With the introduction of these products, Prime Life has proved that life insurance does not only functions on a need basis but also on the basis of the attractiveness of a product.
These two products have been doing very well in the market and they cover almost 50 percent of our client base, Jha added.
“There has been a growth in awareness level of people about the importance of insurance. This is inviting better market opportunities,” Jha said.
He, however, said proper licensing of insurance companies and the role of government in informing people about the credibility of insurance companies is vital for the insurance sector to tap the market in more efficient way. It is also very important to stop capital flight of insurance due to improper marketing, Jha added.
Source: http://www.myrepublica.com/portal/index.php?action=news_details&news_id=20398
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