IDBI Fortis Life Insurance Company
is planning to double its employee strength to fuel its expansion plan by 2010. IDBI Fortis national head-marketing and product development Amish Tripathi told ET that the company is plans to add new branches to expand its business horizon.
“Currently, we have 35 branches with 1,000 on-roll employees and 7,500 agents across the country. We plan to open 65 more offices doubling our employee strength,” he said.
IDBI Fortis Life Insurance Company is a 48:26:26 joint venture between IDBI Bank, the Federal Bank and the Belgian insurance group Fortis. Mr Tripathi said the company would leverage on the extensive branch network of IDBI and the Federal Bank in the country for deeper penetration.
“There are around 1,300 branches of IDBI and the Federal Bank in the country with more than 10 million customers. We want to tap the business potential existing with the bank customers. Currently, 60% of our premium income comes from the bank tie-up route,” he said.
Mr Tripathi said the company has clocked a 27% growth in the first year premium and a 74% growth in gross premium as on September this fiscal with a premium business worth Rs 318 crore.
“At the present growth rate, we expect to break even in our seventh year of operation,” he said.
IDBI Fortis launched its operations in March 2008 with an initial capital of Rs 200 crore. Later, it infused Rs 250 crore more this year to boost its expansion plan. “Our capital base is adequate to carry on with our expansion drive,” he said.
Source:
http://economictimes.indiatimes.com/news/news-by-industry/jobs/IDBI-Fortis-to-do
is planning to double its employee strength to fuel its expansion plan by 2010. IDBI Fortis national head-marketing and product development Amish Tripathi told ET that the company is plans to add new branches to expand its business horizon.
“Currently, we have 35 branches with 1,000 on-roll employees and 7,500 agents across the country. We plan to open 65 more offices doubling our employee strength,” he said.
IDBI Fortis Life Insurance Company is a 48:26:26 joint venture between IDBI Bank, the Federal Bank and the Belgian insurance group Fortis. Mr Tripathi said the company would leverage on the extensive branch network of IDBI and the Federal Bank in the country for deeper penetration.
“There are around 1,300 branches of IDBI and the Federal Bank in the country with more than 10 million customers. We want to tap the business potential existing with the bank customers. Currently, 60% of our premium income comes from the bank tie-up route,” he said.
Mr Tripathi said the company has clocked a 27% growth in the first year premium and a 74% growth in gross premium as on September this fiscal with a premium business worth Rs 318 crore.
“At the present growth rate, we expect to break even in our seventh year of operation,” he said.
IDBI Fortis launched its operations in March 2008 with an initial capital of Rs 200 crore. Later, it infused Rs 250 crore more this year to boost its expansion plan. “Our capital base is adequate to carry on with our expansion drive,” he said.
Source:
http://economictimes.indiatimes.com/news/news-by-industry/jobs/IDBI-Fortis-to-do
