As per the data compiled by General Insurance Council of India for the year...
In the first year of its operations IndiaFirst Life Insurance Company has surpassed its social and rural obligations set by the Insurance Regulatory and Development Authority (IRDA).
The mandated target percent laid down by the regulator is 7%. IndiaFirst Life has achieved 14% of its overall business. In 2010-11, the insurer has managed to cover over 5 lakh lives in social sector against 5000 as directed by the IRDA.
Dr. P Nandagopal, Company Managing Director & CEO said, “At IndiaFirst, we are committed to taking the benefits of life insurance to the masses, especially in the rural and semi-urban areas. We aim to provide superior customer experience by always placing our customers ‘First’ in everything we do. Our focus will continue to be on educating the customers about sound financial planning, developing cost effective distribution and providing the right products.”
He also said, “The insurance sector in India is at the cusp of transformation with huge untapped potential. The urban areas already have been penetrated to a large extent. However, it’s the middle class common man and the semi urban and rural populace that provide the true potential.”
IndiaFirst Life Insurance company is a fairly new entrant in the private life insurance sector. It is jointly promoted by two of India's largest public sector banks - Bank of Baroda & Andhra Bank along with UK's Legal & General. Bank of Baroda holds a 44% stake, Andhra Bank holds 30% stake and Legal & General hold 26% stake.
The company has also tied up with the Society for Elimination of Rural Poverty (SERP) to provide cover to all members of self help groups in Andhra Pradesh. As a part of its social sector obligations, the insurer will cover 1.5 crore to 1.75 crore women who take small loans.