Kotak Mahindra Life Insurance sees 2024 as year of expansion, says top official Alagh

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Kotak Mahindra Life Insurance sees 2024-25 as a year of expansion and will look to grow across agency, bancassurance and direct sales, Manish Alagh, Senior Executive Vice President and Head Tied Agency & Direct Marketing has said.

This private life insurer is already on course to hire 50,000 new agents this fiscal and this will be the minimum number for coming financial years as well, Alagh told businessline here.

“We have already hired 30,000 advisors/ agents this fiscal. There will be no let up on building our agency force, which is already 1 lakh in number,” he said. 

Alagh also said that the private life insurer had a “balanced distribution mix” and have strong belief in both agency and bancassurance channels.

Although Kotak Life is a bank promoted entity, it would continue to maintain equal focus on both the channels, he added.

Kotak Mahindra Life Insurance is currently in talks with all categories of banks to expand its bancassurance play, Alagh said. “We will also next year look to tap deep in the customer base of our parent Kotak Mahindra Bank. Opportunity is still huge and there is room to grow,” he added.

Kotak Mahindra Life Insurance has about 260 branches while the branches in Kotak Mahindra Bank run into thousands, Alagh pointed out.

Asked if Kotak Mahindra Life was looking at an IPO or public listing of shares, Alagh replied in the negative. “There is no such plan for now,” he said.