IndiaFirst, a life insurance joint venture among Bank of Baroda, Andhara Bank and UK-based Legal & General, would target more of tier-II & -III cities than metros for its business expansions Speaking to FE, of the company PNandagopal said IndiaFirst would target medium-sized policy of around Rs 15-20,000 per policy for tenure of 15 years. ?We see a lot of opportunities in interiors of Indla,? he added.
The latest life insurance joint venture wouldn?t have any agents initially and would prefer to mobilse business through the branches of the banks which have formed the joint venture.
?The business has to be managed by the officials at the branch who will be helped by the employees of the life insurance company. Each branch will find out the life insurance requirements of its customers and rest of technicalities will be handled by IndiaFirst employee,?? said Nanadagopal.
According to Nandagopal, IndiaFirst, through its bancassurance model, will be cost-conscious from the very beginning and the consequent benefits would be passed on to the customers in terms higher returns. To begin with the company has hired around 500 people to start its operations.