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Share India gets insurance biz license from IRDA

Posted On: 2020-01-28 17:48:34

Share India Securities Ltd (SISL) has set yet another milestone securing direct (Life & Non Life) license from Insurance Regulatory and Development Authority of India for its insurance arm Share India Insurance Brokers, which would operate its insurance distribution business in the country with strong focus in Maharashtra, MP, Gujarat and other Western States. The Company aims for a premium collection of INR 500 crore in 5 years.

Share India Securities Ltd, a leading knowledge and technology driven financial services group, recently migrated from the SME platform to the main board of Bombay Stock Exchange. Post the completion of merger of Mumbai based Total Securities in December 2019; this comes as an important development in the direction to grow through the organic and inorganic route. Acquisition of Total Securities makes SISL among the top players nationally, enhances company's geographical presence in all segments of Capital Market and brings experienced talent to the core team.

Mr. Sachin Gupta, CEO, Share India Securities Ltd said, "Our focus on diversification and constantly expanding our product portfolio has helped us emerge ahead of competition in industry landscape. We have constantly endeavored to de-risk our income streams and establishment of insurance business vertical is a step in the same direction. We have over the years expanded our operations to de-risk our income stream from market sentiments. Now as Insurance business takes shape, we have for now completed our product expansion. Company's immediate focus will be now to increase its footprint and expand business started in the last three years."

The company that offers a diversified financial services portfolio such as retail broking, Wealth management, Personal Finance, SME Finance, Proprietary Trading and Merchant Banking, has now taken this big initiative to help its clients meet their insurance requirements. Share India Insurance Brokers, a 100% subsidiary of the company, is setting up Insurance distribution service network across the country and a dedicated Insurance portal with focus to provide 360-degree risk management solutions to individual, SME and large corporate on both Life and Non-Life segment of business.

The Company aim to cover the length and breadth of the country for the distribution of Insurance products and services. Mr. Ajay Patel, Principal Officer and CEO for Share India Insurance Brokers Pvt Ltd stated, "As a long-term strategy, we aim to focus on simple products with critical coverages, provided with bespoke solutions rather than one size fits all approach."

"There is a huge potential for growth in this business as Insurance market is still under penetrated in India. Most people today recognize that Insurance is an attractive option for investment as well due to the risk hedging and tax saving potential; however, many are still not aware of the advantages as an investment option. Insurance products yield more compared to regular investment options and this is besides the added incentives offered by insurers." Mr Patel added.

Source: Equity Bulls

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