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Business EconomyPosted at: Jan 28 2020 7:26PM


SISL gets insurance biz licence from IRDA

Hyderabad, Jan 28 (UNI) Share India Securities Ltd (SISL) on Tuesday announced that it has secured direct (Life & Non- Life) licence from Insurance Regulatory and Development Authority (IRDA) of India for it's insurance arm Share India Insurance Brokers, which would operate it's insurance distribution business in the country with strong focus in Telangana, Andhra Pradesh and other Southern States.
The Company aims for a premium collection of INR 500 crore in the next five years.
SISL, a leading knowledge and technology driven financial services group, recently migrated from the SME platform to the main board of Bombay Stock Exchange, the company said in a release.
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.
SISL CEO Sachin Gupta said, ''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 per cent 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 release said.
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.
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