Universal Sompo General Insurance, a joint venture between Allahabad Bank, Indian Overseas Bank, Karnataka Bank, Sompo Japan Insurance and Dabur Investments, is planning to focus on big and mid-sized corporates and farm sector by launching products in the credit and weather insurance segments.
The company is currently developing products for these segments and is likely to approach the Insurance Regulatory Development Authority of India (IRDA) soon for the approval. The insurance company, which started its operations in November 2007, currently offers 37 products. It is also planning to focus on retail and SME segment in future to fuel its growth.
It has so far collected Rs 25 crore as premium and aims to collect Rs 50 crore by the end of this fiscal and Rs 200 crore by the end of the next financial year. The company, which has 16 branches, is planning to open 14 more branches in the next fiscal and employ 4,000 agents.