IndiaFirst aims to double retail premium in Karnataka

 IndiaFirst Life Insurance, a joint venture between Bank of Baroda, Andhra Bank and Legal and General (UK), expects to double its retail premium in Karnataka, a top executive said.

“IndiaFirst Life has considerable reach in Karnataka — it is an important market for us. In the current financial year, we expect to write-off Rs 25 crore of retail premium from Karnataka, which will be approximately 5% of the overall IndiaFirst Life’s retail business. This growth is being fuelled by its award winning technology empowered sales management process,” India First Life Insurance Director Marketing Rushabh Gandhi told DH.

IndiaFirst Life policies are sold in Karnataka in over 325 branches of Bank of Baroda and Andhra Bank. Gandhi claimed that IndiaFirst Life is the fastest growing insurance player in the industry. The individual new business grew by APE (annual premium equivalent) 91% year-on-year at Rs 170 crore YTD (year to date), as on November 30, 2016.

“IndiaFirst Life group business is at (APE) Rs 169.6 crore as on 30 November 2016. In terms of gross written premium, IndiaFirst Life crossed the Rs 1,000 crore mark in November 2016. It also crossed the Rs 10,000 crore AUM (assets under management) mark in October – making it amongst the few life insurance companies to do so within seven years of inception,” Gandhi said.