To widen its business reach
IDBI Fortis Life Insurance has decided to double its employee strength to boost its expansion plan by 2010. The company has planned to add new branches to expand its business horizon, reported The Economic Times.
Amish Tripathi, national head-marketing and product development of IDBI Fortis, said: “Currently, we have 35 branches with 1,000 on-roll employees and 7,500 agents across the country. We plan to open 65 more offices doubling our employee strength.
“There are around 1,300 branches of IDBI and the Federal Bank in the country with more than 10 million customers. We want to tap the business potential existing with the bank customers. Currently, 60% of our premium income comes from the bank tie-up route.
The life insurance company is a 48:26:26 joint venture between IDBI Bank, the Federal Bank and the Belgian insurance group Fortis.
The company said that it generated a 27% growth in the first year premium and a 74% growth in gross premium as on September this fiscal with a premium business worth INR318 crore. IDBI Fortis commenced its operations in March 2008 with an initial capital of INR200 crore.