IDBI Fortis launches insurance business in India

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Mumbai, May 21 (UNI) IDBI Fortis Life Insurance today announced the launch of its insurance business in India, based on the IT solution provider Mastek's -- ''Elixir policy administration system module''.

IDBI Fortis, a joint venture between state-run Industrial Development Bank of India (IDBI), Belgian-Dutch financial services group Fortis and Indian private sector lender Federal Bank, plans to break even in six-to-seven years, Managing Director and Chief Executive Officer G V Nageswara Rao told newsmen here today.

The firm plans to bank on the branch network of its two Indian founders for catering their insurance products, Mr Rao said.

The two Indian partners, IDBI and Federal Bank have a combined branch network of around 1,000 branches and a customer base of 10 million, which the company plans to cash in on, he asserted.

IDBI Fortis has a current customer base of 7,000 and has collected Rs 20 crore as first premium so far. It has opened 30 branches across India and plans to scale it up to 100 by the end of March, Mr Rao added.

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