IndiaFirst Life Insurance ties up with CSE
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 and General, on Wednesday announced its tie-up with CSE Capital Markets Pvt. Ltd. (CCMPL), 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. The announcement was made by Dr. P. Nandagopal, Managing Director and CEO, IndiaFirst Life Insurance and Madhav Reddy, Managing Director and CEO, CSE on Wednesday. Speaking on the occasion, Nandagopal said, "We are sure this tie-up will help our growth strategy by strengthening our distribution network in the east. We are looking at a 10-20pc YoY growth over the next 2-3 years."
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 3 years.
Commenting on the tie up, Reddy said, "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."
The company has seen an appreciable growth of 39pc at the end of March 2012; while capping its operating expenses at 19pc of new business premium.