IDBI Federal Life Insurance is keen on increasing its advisor strength by 40% to total 14,000 by the end of this year.
Currently, the company has 2,300 staff, and 10,000 advisors and agents promoting and selling its range of wealth management, protection and retirement solutions.
Talking to Deccan Herald here on the sidelines of an event, Vighnesh Shahane, CEO and Whole Time Director, IDBI Federal Life Insurance said, “Besides adding advisors, we are keen on giving training to them on a regular basis to enhance their productivity. This year, we are conducting training programmes and workshops, in addition to spending on brand building and investing on technology.”
As on March 31, 2016, the company has issued nearly 8.23 lakh policies with a sum assured of over Rs 51,918 crore. During the same period last year, the company has issued nearly 7.88 lakh policies with a sum assured of over Rs 41,856 crore.
The company has increased its total assets under management to Rs 4,893 crore in March 2016, from Rs 4,087 crore with a robust capital base of over Rs 800 crore as on March 31, 2016.
Talking about future plans, Shahane said, “We are adding five new plans to our existing product portfolio of 14, before the end of June this year. These plans are related to group, online, unit-linked, participatory and non-participatory. As per regulatory norms, we can launch five new plans/schemes in a year.”
In spite of volatile market and competition in the last couple of years, the company has been seeing good growth in new business premium (Individual). For March ending 2016, Shahane said, “We have registered 40% growth against the industry growth of 12%. We are working towards keeping this growth momentum in the coming year as well.”
Platform for promotion
As against industry trend of using illness as a platform for promotion, Shahane said, “Our vision is to inspire positive change that helps people shape a better future and live their best lives. Hence, we are associating with different sports and sponsoring sporting events across the country. Our association with sports and fitness properties emerge from this vision of shaping a better tomorrow. With our initiatives, we want to involve professional athletes, families and anyone interested in sport, to get fit and healthier.”
Besides having its own 64 branches, through a nationwide network of 3,014 branches of IDBI Bank and Federal Bank, and a sizeable network of advisors and partners, IDBI Federal Life Insurance has achieved presence across the length and breadth of the country.