IDBI Fortis Life Insurance will set up 100 branches by the end of the fiscal. The company, which started operations in March last, currently has 30 branches and an agency force of 500.
So far, they have around 7,000 customers and have received around Rs 20 crore of premium. IDBI Fortis has introduced a unit-linked insurance product with health riders called "Wealthasurance" and a mortgage reducing term plan called "Homesurance".
Bancassurance is a key model for the company as IDBI and Federal Bank (which are partners in the insurance venture) provide access to 1,000 branches and 10 million customers.
They expect around two-thirds of our business to come from bancassurance. Around 1,000 staff members have been trained. IDBI Fortis Life Insurance on launched their business on Mastek's "Elixir Policy Administration System module".
The solution is designed to support all product lines including traditional life, health, unit-linked, annuities and pension products. It is an end-to-end policy administration platform that integrates the front and back office.
Source: Insuremagic
Wednesday, May 28, 2008
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