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New insurance player focusing on technology and innovation

A new player in the life insurance sector, IDBI Fortis Life Insurance, is planning innovative products coupled with an advanced technological platform to get ahead in the game.

Apnainsurance.com Research Bureau

22 May 2008

A new player in the life insurance sector, IDBI Fortis Life Insurance, is planning innovative products coupled with an advanced technological platform to get ahead in the game.

With an aim to break even in 6-7 years, the firm intends to use branch networks of both the Industrial Development Bank of India (IDBI) and Federal Bank to promote its bancassurance business. IDBI and Federal Bank together have around 1000 branches with a customer base of around 10 million.

IDBI Fortis is a joint-venture between IDBI, Federal Bank, and Belgian-Dutch financial services group Fortis. IDBI holds the lion's share of the equity at 48%, with Federal Bank and Fortis owning 26% each. Right now, IDBI Fortis has two major insurance products - home insurance and wealth insurance.



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