Dubai: "The insurance sector is not a business; it is social work for the community. With this motto we have come to Dubai," said M.N. Jahanath, managing director of TLC India.
Speaking exclusively to Gulf News at the inauguration of TLC Insurance Brokers LLC in Dubai on Friday, Jahanath said, "The current times [of global recession] give us a better opportunity to serve the community."
He said the Team Life Care Company — headquartered in Bangalore, India — was established in 2003 and has grown to 68 branches with 2,300 staff nationwide.
The company did $1 billion (Dh3.67 billion) worth of business in 2006 to 2007, $1.23 billion in 2007-08 and $1.55 billion as of last month of which 98 per cent of the revenue was from life insurance and 5 per cent from general insurance, Jahanath said.
"We will be expanding our operation to the Middle East in the next couple of years and have acquired a licence for business in Indonesia and Sri Lanka," he added.
R.V.N. Rao, managing partner of TLC Insurance Brokers LLC, Dubai, said the new company obtained the licence by transferring the shares from Al Arab International Insurance Brokers LLC.
He said the new brokerage will cover life, fire, property, vehicle and health insurance. He added that the business has the support of some strong insurers in the UAE.
Regarding competition from existing players in the field, Rao said: "The insurance market is wide open and there is room for more. Since it is a service-oriented business, people will definitely come back to us if the service provided is good."
