• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• Smartbuy

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Adopts Mastek solution: Mr G.V. Nageswara Rao (left), MD & CEO, IDBI Fortis, and Mr Rangachari Desikan, CFO, Mastek Group, at a press conference in Mumbai on Wednesday. - Shashi Ashiwal

Our Bureau

Mumbai, May 21 IDBI Fortis Life Insurance will set up 100 branches by the end of the fiscal, said Mr G.V. Nageswara Rao, Managing Director and Chief Executive Officer.

The company, which started operations in March last, currently has 30 branches and an agency force of 500.

“So far, we have around 7,000 customers and have received around Rs 20 crore of premium,” Mr Rao said.

IDBI Fortis has introduced a unit-linked insurance product with health riders called “Wealthasurance” and a mortgage reducing term plan called “Homesurance”.

Bancassurance is a key model for the company as IDBI and Federal Bank (which are partners in the insurance venture) provide access to 1,000 branches and 10 million customers.

“We expect around two-thirds of our business to come from bancassurance. Around 1,000 staff members have been trained,” Mr Rao said.

IDBI Fortis Life Insurance on Wednesday launched their business on Mastek’s “Elixir Policy Administration System module”.

The solution is designed to support all product lines including traditional life, health, unit-linked, annuities and pension products. It is an end-to-end policy administration platform that integrates the front and back office.

More Stories on : Life Insurance | Software

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Tractor makers welcome SBI decision

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line