India: IndiaFirst Life Insurance Company Limited (IndiaFirst Life) and Bank of Baroda (BoB) further strengthened their association by announcing growth plans for Maharashtra & Goa. As a testament to the robust relationship, the partners have reaffirmed their commitment of achieving a healthy growth rate of 20% in FY22 across the western region.
A combined team strength of over 5100 employees has helped IndiaFirst Life and Bank of Baroda to improve their customer outreach in the western region. There has been a significant business growth in regions like Nagpur, Pune, Jalgaon, Kolhapur, Solapur, and Panaji. In spite of being one of the most affected regions in the pandemic, Maharashtra showed a 7% APE growth in FY21 and a 70% growth in Q1-FY22. The partnership emphasizes in keeping the business buoyant.
Sunanda Roy, Country Head, IndiaFirst Life Insurance Company Limited for Bank of Baroda said, “In line with our #CustomerFirst ideology, we continue to deliver through our domain expertise, customer knowledge, and product innovations. We endeavor to service the last mile customers not only across Maharashtra and Goa but across the country, toward making “Insurance for All” a reality. The two states accounted for approx. 8% of our overall business in FY21, and we plan to increase this share to 15% in FY22. Fuelled by Bancassurance and our multi-channel distribution capabilities, we have been growing at an average CAGR of 32% in retail new business APE over the last five years.”
Manish Kaura, General Manager, Pune Zone said, “IndiaFirst Life is one of our strongest partners that continues to contribute to the overall business growth of the bank. Through our extensive customer reach coupled with IndiaFirst Life’s efficiently serviced products, we continue to focus on the development of innovative solutions to serve customer’s varied financial needs and further strengthen our position in Maharashtra & Goa. Together, we look forward to expanding our leadership position among customers in these key markets.”
IndiaFirst Life and Bank of Baroda continue to maintain operational synergies to ensure best practices to support and prepare our customers for certainties in life. In the western region, IndiaFirst Life along with Bank of Baroda has a network strength of over 530 branch offices spread across 37 districts.
IndiaFirst Life is today present in over 98% of pin-codes across the country. Having launched its operations on November 16, 2009, the company has successfully differentiated itself through simple, easy-to-understand products that are well-priced and efficiently serviced.