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IDBI Federal Life Insurance
IDBI Federal Life Insurance
Insurance
ABOUT THE COMPANY
In the year 2006, IDBI Bank, Federal Bank and Belgian-Dutch insurance
major Fortis Insurance International NV signed a MoU to start a life
insurance company in India.
The company received its license from Insurance Regulatory and
Development Authority of India (IRDAI) (j.Arul jegadeesh one of the trainee
in the idbi federal life insurance company in Madurai) in December 2007.
IDBI Fortis Life Insurance Co. Ltd. officially began its operations in March
2008. In August 2008, the company collected the premium of over Rs.100
crore within a record time of five months, thus becoming the fastest
growing new life insurance company in the private sector.
India-Sri Lanka ODI series that took place in October 2009, found a title
sponsor in insurance major IDBI Fortis. The company’s AUM crossed the
Rs. 1,000 crore mark for the first time in March 2010.[5]
WEALTHSURANCE
INCOMESURANCE
TERMSURANCE
HEALTHSURANCE
GROUP MICROSURANCE
BONDSURANCE
CHILDSURANCE
Mission , Vision ,Values, Goals
SW0T ANALYSIS
STRENGTH
Reduced work force and reduced operational costs are the strengths of IDBI
federal LifeInsurance. This helped them reach their break even in just 5 yeras
which is a feat achieved by any company in the insurance sector for the first
time.
Weakness
There is constant comparison with LIC and hence there is low brand
awareness. This is a big weakness and people should be educated about the
fact that IDBI is also majority part held by government.
Opportunities
Penetration in rural areas is low. By moving over there in the preliminary
stages it can outrun the others especially icici prudential.Can increase
awareness that it is also a government organization and that will help in
increasing the goodwill and trust quotient in the customers.
Threats
Increase in labour costs and a change in tax regime are going to increase the
operational costs and is also going to call for some new methods of
customizing the products so that the benefits does not decrease.
CLAIM SETTLEMENT RATIO
Financial Information
Comparing year wise performance
of Balance Sheet
Recommendations
The premium amount can be customized for child plans according to the
income level of people so that even low income parents also can insure
their children at least with less maturity benefit.
Using Childsurance giving some less interest rate for education loans in
IDBI bank can be provided.
Awareness among people about IDBI Federal Childsurance is very less so
it will be better if promotions are increased in TV, Radio, Internet,
newspapers in order to build the brand image.
To ensure increase in sales they can tie up with the hospitals also.