India First Life to focus on microinsurance and protection plans

IndiaFirst Life Insurance Company, to drive growth, will focus on bancassurance, microinsurance and protection plans.

RM Vishakha, Managing Director and Chief Executive Officer, IndiaFirst Life Insurance, said: “We intend to grow above industry average in 2018 and the next fiscal.’’

The company has a business mix of 44 per cent retail business, 14 per cent group protection and 40 per cent corporate business with 80 per cent of the total business being generated from banks and 20 per cent from other channels.

“Bancassurance, microinsurance and protection are the pillars on which we are building our business. We will continue to stay invested in building these three pillars. Our recently launched CSC Insurance Khata has shown initial success with sales of almost 2,500 policies in the first 20 days of launch,’’ she said.

Since banks are the company’s promoters as well distributors, IndiaFirst will partner with them to develop all the products needed to meet customer requirements. The partnership also enables integration of technology, increased customer service and access across all bank branches, she added.

On the changes in the market dynamics in view of three life insurers going public and more likely to follow, Vishakha said listing makes the companies more publicly accountable.

“I believe the reporting parameters will change from topline numbers to numbers that reflect customer value and company stability. This will have a cascading effect on how the companies are measured and monitored across the industry.’’