With a passion for serving customers, we believe the certainties far outweigh the uncertain and we’d like you to prepare for those moments. We’re happy you decided to get to know us better.
Headquartered in Mumbai, IndiaFirst Life Insurance Company Limited (IndiaFirst Life), with a paid-up share capital of INR 754.37 crore, is one of the fastest growing private life insurers in India in terms of New Business IRP in Fiscal 2023. Our key differentiators are our simple, easy-to-understand products that are optimally priced.
We’re Built on the Foundation of Trust
At IndiaFirst Life, we come to work every day with the goal of making insurance easily available to every Indian household. We’ve come a long way from that day in November 2009, when as the 22nd entrant in the private Life Insurance Industry, we sold our first policy. Today, as on 31 March 2023, our "New Business IRP", stands at INR 1,709 Crores and IndiaFirst Life ranks* 10th. We ended FY23 on a strong footing with INR 6,075 Crores of total premium and AUM of INR 21,683 Crores. The company continues to be one of the fastest growing private life insurers in India in terms of New Business IRP in Fiscal 2023 with a 5-year-CAGR of 24.3% New Business IRP.
We’ve had Bank of Baroda, Andhra Bank (now, Union Bank of India) and Legal & General Middle East Limited as our initial shareholders. After journeying with us Legal & General Middle East Limited sold its stake in February 2019 to Carmel Point Investments India Private Limited, a private limited company incorporated under the laws of India and affiliate of the Warburg Pincus Group. In April 2020, Andhra Bank was amalgamated into The Union Bank of India. Our shareholding pattern as of today stands at: Bank of Baroda – 65%, Union Bank of India – 9% and Carmel Point Investments India Private Limited – 26%.
The Difference Is the Experience
As of Sept 30, 2023, we offered 30 retail products, 13 group products along with six riders (across retail and group portfolios), along with policies under the PMJJBY scheme, catering to protection, savings, health and retirement needs of our customers, leveraging multiple distribution capabilities and augmenting various investment options. In all propositions under the categories of Participating Plans, Non-Participating Savings Plans, Non-Participating Protection Plans, Unit Linked Insurance Plans, Group Protection Plans, Corporate Funds Plans, Riders & PMJJBY form a complete suite of offerings that help our customers prepare for the certainties of life. Our products are easy to understand and optimally priced with a developed comprehensive risk management framework/policy.
We believe a key factor contributing to our success has been our ability to attract, train and retain talented employees. We have defined our Employee Value Proposition (“EVP”) as a balance between an employee ‘giving’ and ‘getting’, where an employee ‘gives’ us key values of ‘Think New, Be Helpful, Be Honest and Do More’. In return the employee gets ‘CARE’, which involves Celebrating Success, Accelerating Growth, Recognising Achievements and Empowering Employees. In recognition of our professional approach to employee life cycle management, we have been featured in ‘India’s Top 100 Companies to Work For’ of the Great Places to Work Survey, 2021. We have also been featured in ‘India’s Best Companies to Work for in BFSI’ for 2020 and 2021. As of June 30, 2022, we had 3,433 full-time employees. We continue to focus on strengthening engagement with and support our employee base and attract new talent. We use ‘HR Tech’ extensively to enhance the quality of recruitment (through ‘PMaps’, an assessment platform and ‘PATCH Optimization’ model) and systematically support the onboarding process. We provide an employee feedback opportunity through our ‘AMBER’ and ‘HR Connect’ programs, to identify employee dissatisfaction and take proactive measures to positively impact employee morale and workplace motivation. We have developed an AI-based model for effective supervisory input to the BDMs for enhanced productivity and to build predictable business. We continue to ensure a synergistic workplace through an effective corporate governance framework and a work environment that provides extensive training and supports individual professional goals. We continue to arrange workshops, mentoring, coaching, on-the-job training, functional and cross-functional projects to ensure capability and leadership development. Our New Business IRP per employee, calculated as the New Business IRP for the period, divided by the number of employees at the end of the relevant period, stood at ₹ 3.07 million, ₹ 2.88 million, ₹ 4.11 million and ₹ 0.86 million per employee for Fiscal 2020, 2021, 2022 and the three months ended June 30, 2022, respectively, as we continue to foster a productivity focused environment balanced with long-term talent retention
Great Place to Work® Institute has recognised us among India's Best Workplaces in Insurance for 2021, India's Best Companies to Work for 2021 and Top 100 | India’s Best Workplaces for Women. The recognition is a testament to the commitment of our organisation and employees who live by our core philosophies – #CustomerFirst and #EmployeeFirst – that form the nucleus of IndiaFirst Life. Our employees are our key driving force, our core strength, our differentiators, and our brand ambassadors. Our mantra of #EmployeeFirst has helped us achieve our #CustomerFirst goals better.
Customer First Philosophy
We deliver value through leading digitalization initiatives across the complete value chain, that stems from our #CustomerFirst ideology. Delivering results, while keeping, the customer, at the center of our approach with the utmost integrity and honesty which helps us grow. To reiterate the philosophy with which we treat our customers, our "Circle of Trust" proposition acts as a beacon of how we conduct ourselves: every behaviour is guided by an intent to earn trust.
*Note: The ranking is with regards to the private sector (excluding LIC).