Life Insurance: IndiaFirst Life completes 4 successful years in India
With a paid-up share capital of Rs. 475 crores, IndiaFirst is today present in over 1000 cities and towns across the country through 5000+ partner bank branches. Having launched its operations on November 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, IndiaFirst Life Insurance, said "The last four years have been an extremely challenging yet fulfilling journey for all of us at IndiaFirst. We are proud that we have been able to stick to our belief of always placing our customers ‘First' and providing true value to all our stakeholders by through innovation and use of technology."
Despite the economic turmoil in the country and changes in the insurance industry the company has registered a y-o-y growth of 34% for the financial year 2012-13; covering over 1.74 million lives. On one hand the company has capped its operating expenses at 16% of new business premium and on the other hand, it has provided its customers with superior risk adjusted returns that have consistently beaten its benchmark indices.
With INR 5000 crore as AUM, the company has also done well in the corporate business segment with over 200 corporate customers.
"This year we plan to focus on micro, health and pensions. We will also further strengthen our distribution reach through alternate retail and our digital channel," further added Dr. Nandagopal.
The company's existing product range covers the typical needs of health, security, savings and wealth. 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.
"While we are celebrating the success of the past 4 years, we are exploring newer opportunities for ensuring sustained growth and superior value to our customers. We are looking at a 10-20% year-on-year growth over the next 2-3 years by leveraging technology." added Dr. Nandagopal.
The company has already introduced several one-of-its kind customer centric initiatives for its customers, such as the personalized picture policy packs, on-the-spot policy issuance through its MagicBoard or the instant 2 swipe health claim settlement through its IndiaFirst Health Claim Card.