Aimed at empowering women in the workforce, Future Generali India Insurance Company has opened its first all-women’s branch in the country at Kochi. The branch named Shakti was inaugurated by Anup Rau, MD & CEO of Future Generali India Insurance.
Speaking to reporters, Rau said the branch will be manned by 12 women and the company has plans to onboard even more in the coming months. The sales team will provide expert insurance solutions while paving the way for greater representation of women in the industry. “We hope this initiative inspires more women to pursue careers in insurance and financial services, nurturing the next generation of women leaders at FGII”, he said.
Asked why Kochi has been chosen the first city, Rau said Kerala has a history of enlightenment when it comes to diversity and gender access. Women here are highly educated and their participation rate is lower.
Moving forward, he said the company plans to scale this model by expanding similar branches across other key cities in the country.
For a country the size of India, where women comprise roughly half of the nation’s population, at around 49 per cent, less than one-third, or only about 30 per cent are covered under health insurance between 2019-21, as per data from the National Family Health Survey India. Around 34.20 per cent of women are covered under life insurance, IRDAI’s annual report 2022-23 said.
“Health Powher”
Understanding the need gap, he said the company launched a comprehensive health insurance plan “Health Powher” to address the various needs of women across the different stages of their lives last year.
On the business plans, he said the company has tripled its topline in the last six years and will double the topline in the next five years. “We will grow about 14-15 per cent a year”, he added.
The company has over ₹7473.30 crore of assets under management and gross written premium of ₹5002.80 crore as on FY24.
The insurance penetration in the country, according to him, is 1-1.2 per cent for general insurance. Of this, health insurance has grown slightly faster. Overall, the insurance industry has grown at a CAGR of 14-16 per cent.