HDFC Life, one of the leading private life insurance companies of India, has launched its international operations by opening first office in Dubai in order to target 1.75 million non-resident Indians (NRIs) in the UAE.
Anup Rau, Executive Vice President and Head, Sales and Distribution, HDFC Life, said the company started operations nearly three months ago from its representative office in Dubai and has witnessed strong interest from NRIs.
“We expect to generate Rs300 million (Dh22 million) in premiums in the first year of operations. There were inquiries from NRIs to buy HDFC products estimated at Rs50 million in the first three months,” said Rau at a press conference in Dubai on Wednesday.
The company has hired nine people in its Dubai rep office and Rau is will willing to hire more if needs be.
“HDFC life is a preferred and trusted brand in India and has diverse product portfolio catering to the different life stage needs of an individual. The launch of our operations in Dubai is the beginning of HDFC Life’s expansion into the region. The vast NRI population would be able to closely understand the benefits of HDFC Life’s wide ranging product portfolio catering to their protection, investment and savings, and retirement needs. The objective of this office would be to serve our existing policy holders and further understand their financial needs better.”
Commenting on the strategy and reasons for international expansion, MI Taher, Vice-President and Head, International Business – HDFC Life said: “GCC is an important region for our growth and UAE with a large NRI population base, is key to this growth, hence it was of prime importance to open office in Dubai. The objective of our operations in Dubai is the first step towards understanding the Gulf market, the customer segments, apart from serving our existing policy holders and further understanding their financial needs. Our presence in this region will help us research the market better and devise new products catering to the specific needs of the NRI’s here.”
In India, HDFC has about 500 branches servicing customer needs in over 700 cities and towns.