DHFL, one of India’s leading private housing finance companies is all set to enter the non-life insurance space soon. In fact, IRDAI has given it the go ahead to launch DHFL General Insurance.
Answering an email query, Prasun Aachharyya, Head-Marketing and Strategy, DHFL General said that the company will get operational soon. However, sources said that the company will start operations by September 2017 with an initial capital of Rs.190 crore.
On increasing the distribution footprint, Aachharyaa said, “We will follow a multi-channel distribution approach with a focus on digital channel. In addition, we will leverage technology to help our distribution partners provide better insurance sales services to their clients.”
The insurer will initially focus on retail business. To start with, the company will offer simple non-life products like motor insurance, health Insurance, home insurance and travel insurance.
Currently, there are 30 general insurance companies in the country. As on March 2017, the total non-life insurance new business premium was Rs. 1.27 lakh crore.