Aditya Birla Group chalks out strategy for fin services biz

Mumbai, June 29 (PTI) Aditya Birla Financial Services
Group has chalked out steps, including launching innovative
products, strong branding and enhancing distribution network,
to emerge as leading player in the field.
"We see tremendous opportunity in the sector as less
than five percent of the country's savings go into mutual
funds, a mere two per cent into general insurance and 15 per
cent into life insurance," Aditya Birla Financial Services
Group Chief Marketing Officer Ajay Kakar told PTI.
"We are currently working on these areas to become a
leading player in this sector," he added.
The company, which operates in life insurance and mutual
fund verticals among others within the financial services
business, plans to launch a new product in the life insurance
business aimed at senior citizens.
A mutual fund product aimed at investing in the
commodities market is also in the offing, he said.
Kakar said while the mutual fund for investing in the
commodities market will be launched in the next quarter, the
insurance product for senior citizens would come by the end of
the year.
Aditya Birla Group was the first to introduce ULIPs
in the market, he said.
To expand the life insurance business, in which it is
already among the top five players in the country, ABFSG plans
to expand its branch network to 600 by the next few months
from 339 now.