"The number of agency offices, which is presently 30, will go up to 100 by end fiscal. This will give a pan-India presence to the company," IDBI Fortis Life's Managing Director and CEO, G V Nageswara Rao, said.
The company, which is a joint venture between IDBI, Federal Bank and Europe's leading bancassurer Fortis, kicked off its operations in March, 2008.
IDBI is the majority partner in the company with a 48 per cent share holding while Federal Bank and Fortis has 26 per cent stake.
The company, which presently offers two products, Wealthsurance and Homesurance, has achived a business of Rs 20 crore in the first two months of its operations while the number of customers stands at around 7,000 at present, Rao said.
Besides, the company has also plans to recruit more insurance agents from the current strength of 500, he said.
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The insurer has seen a good response from its Wealthsurance product, which enables customers to save and grow wealth, besides gaining financial benefits in the events of unexpected death, accidents, disablement or serious illness.
In order to boost its expansion plans, IDBI Fortis has already infused Rs 200 crore this year, Rao said.
The company has also entered into an agreement with the leading IT Solutions player, Mastek, to avail the latter's technology platform, Elixir Policy administration system.