IDBI Fortis Life Insurance, the joint venture between IDBI, Federal Bank and Fortis NV in India, April 22 has launched life insurance operations. Following approval from all regulators, the company has started selling a full range of life insurance and long-term saving products across the country. IDBI Fortis Life Insurance Co Ltd, is a joint venture between Fortis and two leading Indian financial conglomerates, namely India''s premier development and commercial bank - IDBI, and one of India''s leading private sector bank - Federal Bank. IDBI Fortis has recruited and trained as of today about 400 employees, servicing 490 bank branches of IDBI and 550 bank branches of Federal Bank. Both banks together have about 5 million customers, including some 800,000 non resident Indian account holders. The company will primarily focus its bancassurance activities on cross-selling across top-tier client segments.
Wednesday, April 23, 2008
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