The Hindu Business Line : IDBI Fortis expanding in North

New Delhi, July 15 IDBI Fortis Life Insurance Co Ltd on Tuesday kickstarted its expansion drive in the North with the inauguration of its first branch at Gurgaon. The company plans to add 28 more branches in the North by the end of this year, its Chief Executive and Managing Director, Mr G.V.Nageswara Rao, said.Besides the tied agency network, IDBI Fortis is also using the bancassurance networks with IDBI Bank and Federal Bank. IDBI Fortis is a recently launched three-way joint venture between IDBI Bank, Federal Bank and European Banking and Insurance giant, Fortis.

On whether being a late entrant to the industry was a disadvantage, Mr Rao replied in the negative. “It is certainly not a disadvantage. We think by providing value-added products to the customer, we can gain their acceptability,” he said, adding that premium income of Rs 50 crore in the first four months of operations was definitely good start for the company.

IDBI Fortis is looking to expand agency network from the current level of 30 to 100 by the end of the year. In the coming days, Mr Rao sees significant demand for the company’s products from markets such as Western India.

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