IDBI Federal Life Insurance

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Type Industry Founded

Joint Venture Life insurance March 2008[1] Yogesh Agarwal, Chairman G V Nageswara Rao, MD & CEO Individual Life Insurance, Group Insurance and Pension Plans 1,000 on-roll employees and 7,500 agents[2] Official Website

Headquarters Headquarters in Mumbai, India Key people Products Employees Website

IDBI Federal Life Insurance Co. Ltd.,(formally IDBI Fortis Life Insurance) is a joint venture between three financial companies development and commercial bank, IDBI Bank, Indias private sector bank, Federal Bank and European insurer Ageas (formerly Fortis), which was formed on March 2008.[3] In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each.[4]

Contents

1 History 2 Technology 3 Products 4 Sponsorships, Awards 5 See also 6 References 7 External links

History

2006: IDBI Bank, Federal Bank and Belgian-Dutch insurance major Fortis Insurance International NV signed a MoU to start a life insurance company 2008: IDBI Fortis Life Insurance Co. Ltd., which started its operations in March 2008 2008: IDBI Fortis opens its second branch in Andhra Pradesh in Vijayawada 2008: IDBI Fortis Life positive on assured return products 2008: IDBI Fortis launches the Bondsurance Plan 2009: IDBI Fortis announces Rs 250cr capital infusion 2009: Nimbus ropes in IDBI Fortis as title sponsor of IndiaSri Lanka series 2009: 'IDBI Fortis' Boss-Ka-Boss receives PRCI Award 2009: IDBI Fortis launches Retiresurance Pension Plan 2009: IDBI Fortis scores with Goalsurance 2009: IDBI Fortis reaches the banks of Hoogly 2009: IDBI Fortis launches Incomesurance Immediate Annuity 2009: IDBI Fortis Life Insurance uses an interactive application to help users easily calculate their taxes 2009: IDBI Fortis reaches the City of Eastern Light 2009: IDBI Fortis receives bronze Dragon at 'PMAA 2009' 2009: IDBI Fortis Life Insurance introduces financial inclusion plan in rural Orissa 2009: IDBI Fortis launches Termsurance Protection Plan 2009: IDBI Fortis redefines endowment & money back with Incomesurance 2009: IDBI Fortis to open 65 more branches; raise headcount by 1,000 2010: IDBI Fortis now renamed as IDBI Federal Life Insurance Company[5]

Technology
To monitor and manage its network equipment across 34 sites, IDBI Fortis uses Tulip Proactive Managed CE solution. The solution includes device management, proactive troubleshooting and notification support. With the implementation of the solution, IDBI has reported improvement of network performance and availability, with a faster, more effective change and configuration management.[6]

Products
IDBI Fortis launched its first set of products across India in March 2008, after receiving the requisite approvals from the Insurance Regulatory and Development Authority (IRDA). IDBI Fortis offers services through a nationwide network across the branches of IDBI Bank and Federal Bank in addition to a network of advisors and partners. IDBI Fortis has 35 branches across the country.[7]

Sponsorships, Awards

IDBI Fortis Life Insurance Company was selected as the title sponsor for the India-Sri Lanka Cricket Series 2009, consisting of five One-Day Internationals and a Twenty 20 match. The ODI series will be called the IDBI Fortis Wealthsurance Cup. This will be followed by the IDBI Fortis Wealthsurance Twenty20.[8][9] Wealthsurance Made Easy (WME), a knowledge aid by IDBI Fortis for its sales force, won The Bronze Dragon in the category for Best Dealer/Sales Force activity at the Promotion Marketing Awards of Asia (PMAA).[10][11]

See also

IDBI Bank IDBI Intech Ltd.

References
1. ^ "IDBI-Fortis Insurance is born". DNA (newspaper). 2006-07-26. 2. ^ "IDBI Fortis to double headcount". The Economic Times. 2009-11-26. 3. ^ "IDBI Fortis Life launches new incomesurance product". DNA (newspaper). 2009-1118. 4. ^ "IDBI Fortis to double headcount, increase branches". The Economic Times. 2009-1120. 5. ^ "IDBI Fortis Life renamed as IDBI Federal Life". Business-standard.com. 2010-08-24. Retrieved 2010-09-17. 6. ^ "IDBI Fortis Outsources Network Management". CXOToday. 2009-11-09. 7. ^ "IDBI Fortis Life launches incomesurance product". Business Standard. 2009-11-18. 8. ^ "IDBI Fortis to sponsor cricket series". Business Line. 2009-01-24. 9. ^ "Nimbus ropes in IDBI Fortis as title sponsor of IndiaSri Lanka series". indiantelevision.com. 2009-01-23. 10. ^ "IDBI Fortis bags bronze Dragons at 'PMAA 2009'". afaqs. 2009-08-28. 11. ^ "Jagran Solutions wins big at the 2009 PMAA Awards". Campaign (magazine)Indian Edition. 2009-08-07.

External links

IDBI Fortis Life Insurance - Official Website

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