Money & Banking

IndiaFirst Life plans prepaid health insurance card

Anjana Chandramouly Bangalore | Updated on October 19, 2011

To reduce focus on investment products

IndiaFirst Life Insurance, which has 30-40 per cent of its revenues coming from investment products, wants to reduce its focus on that segment.

“Given the current market conditions, business is currently low in the investment product segment. We want to focus more on other segments now, and make sure there is equal balance,” Dr P. Nandagopal, Managing Director and CEO, IndiaFirst Life Insurance, told Business Line.

The insurer, which began operations in November 2009, saw Rs 700 crore of new business during the last fiscal. Since it began operations, the company has seen premium income of Rs 900 crore.

“This year, we hope to maintain a 30-40 per cent growth rate,” said Dr Nandagopal.

According to him, IndiaFirst Life also plans to come out with a prepaid benefit card for the health insurance segment. The prepaid card will be issued along with the policy document, said Dr Nandagopal, adding that policyholders can swipe the card at the hospital and make claims.

Distribution channels

On distribution channels, he said that the company has expanded its alternative distribution channels by entering into third-party distribution agreements with regional rural banks and agencies.

“We expect 10 per cent of our retail business to come from them by this fiscal-end,” he added.

Published on October 19, 2011

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