Mumbai, Nov 16: IndiaFirst Life Insurance, a joint venture between public sector banks–Bank of Baroda and Andhra Bank–completed three successful years of operations on Friday, Nov 16. IndiaFirst Life Insurance also has tie-up with UK’s leading risk, wealth and investment company Legal & General.
With a share capital of Rs 475 crore, IndiaFirst is present in over 1000 cities and towns across the country through 5000+ partner bank branches. Having launched its operations on Nov 16, 2009, the company has successfully differentiated itself through simple, easy to understand products that are fairly priced and efficiently serviced.
Speaking on the occasion, Dr P Nandagopal, Managing Director & CEO of IndiaFirst Life Insurance, said, “We have come a long way and have successfully positioned ourselves as a customer-focused and innovative player in the life insurance sector in a short span of time. We have continuously strived to make our approach and our products customer oriented and that has helped us perform well on a sustainable basis.”
He further added, “We have focused on the Bancassurance model leveraging the existing branch network of our promoter banks across the country. Our unique combination of domain expertise, customer knowledge, product innovation and nationwide reach has helped us cover over 1.6 million lives till Mar 31, 2012.”
The company has seen an appreciable growth of 39% at the end of Mar 2012 while capping its operating expenses at 19% of new business premium.
The company’s product range covers the typical needs of protection (term insurance), savings, education and health. It also provides a wide range of group insurance products ranging from credit life, term and employee liability. All the products are designed keeping in mind the specifications and requirement of Indian customers belonging to different economical strata.