IndiaFirst Life Insurance, a joint venture between two of India’s public sector banks - Bank of Baroda and Andhra Bank along with UK’s leading risk, wealth and investment company Legal & General, today announced its tie-up with CSE Capital Markets, a subsidiary of Calcutta Stock Exchange.
The tie-up is aimed at boosting IndiaFirst Life’s product distribution (both individual as well as group), thereby making deeper inroads in the eastern market and escalating growth opportunities across the country.
“We are sure this tie-up will help our growth strategy by strengthening our distribution network in the east. We are looking at a 10-20 per cent YoY growth over the next 2-3 years. In order to achieve this growth we are further strengthening our presence in emerging markets that offer great potential for financial security but are inadequately served,” P Nandagopal, Managing Director & CEO, IndiaFirst Life Insurance.
CCMPL, a subsidiary of Calcutta Stock Exchange will act as a corporate agent for IndiaFirst Life. It plans to garner approximately Rs. 100 crore of new business in the next three years.
IndiaFirst had initially focused on the bancassurance model leveraging the existing branch network of over 5,000 branches of our promoter banks across the country. This focus has helped the company move to the 10th position amongst the private life insurers last year. IndiaFirst and CCMPL plan to cover approximately 1 million lives through this tie up within 3 years.
“This tie-up augurs well for us as we intend to enlarge our product offering in the financial segment. We would reach out to the potential clients through a network of point of sale that we would create with new set of distributors. We strongly believe that insurance cover is an essential tool for financial security. Our focus would be on micro insurance, which we feel has huge potential in this country,” said Madhav Reddy, Managing Director & CEO, CSE.
