IndiaFirst Life Insurance announced a tie up with an arm of local bourse Calcutta Stock Exchange-CSE Capital Markets Ltd to distribute its products.
“This is a corporate agency arrangement with CSE Capital Markets. They have close to 25 people who have been certified by the Insurance Regulatory and Development Authority for selling insurance products,” IndiaFirst managing director & CEO P Nandagopal said.
“This is toward expanding our reach. CSE has got a long association in the financial markets. We are holding talks with more regional bourses,” he said.
The efforts were to reduce dependence of revenue from bancassurance channel which accounted for 80 per cent now. “We want bancassurance to come down to 50 per cent from 80 per cent now,” Nandagopal said.
Meanwhile, during the current fiscal the insurance company was aiming for 15 per cent growth in premium collection over 2011-12 when it registered Rs 980 crore.
Nandagopal said the company was aiming for a breakeven in five years against the previous target of six years ending in 2016.