IDBI Fortis Life insurance plans expansion

Mumbai: After gaining profits in the first year of its operations, IDBI Fortis Life Insurance plans to expand its presence in the insurance market by clubbing the products of its bank promoters IDBI Bank and Federal Bank to the insurance basket. It has its presence in 36 cities of the country and plans to land in 17 more in three months to come, reports Rupee Times.

Nageswara Rao, Managing Director and CEO, IDBI Fortis Life has said, "Over the next one year, it is very important to be in all customer segments as our product basket is not complete. We don't have a standalone health or child plan. Also, we need to increase the penetration level. Both our promoter banks have set up 300-400 branches this year and hence the customer base has gone up."

The company earned two thirds of its profits from bancassurance, and planning a strategy that cashes out on this competency itself. It plans to leverage on the strong presence of IDBI and Federal Bank to some of its products. "We may bundle some insurance solutions, for example, with home loans, auto or education loans. We have already started tapping the agricultural and rural branches in a big way. The SME segment is also significant," said Rao.