Company Overview - iflwebportal
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 663 crore, is one of the country's youngest life insurance companies. Our key differentiators are our simple, easy-to-understand products that are fairly-priced and efficiently serviced.
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. From that momentous day in November 2009, when as the 22nd private sector entrant in the Life Insurance Industry, we sold our first policy; to as of 31 March 2020, where IndiaFirst Life ranks 12th in the private sector in Individual NB APE for FY 2020. We ended FY20 on a strong footing with INR 3,360 crore worth of total premiums collected and AUM of INR 14,723 crore
We’ve had Bank of Baroda, Andhra Bank (now, Union Bank of India) and Legal & General as our founding partners. After journeying with us through our years of growth, Legal & General sold its stake in February 2019 to Carmel Point Investments India Private Limited, a body corporate incorporated under the laws of Mauritius and owned by private equity funds managed by Warburg Pincus LLC, New York, United States. This is the first deal wherein a private equity fund has taken an interest in a life insurance company. In April 2020, Andhra Bank was amalgamated into The Union Bank of India. Our shareholding pattern as of today stands at: Bank of Baroda – 44%, Union Bank of India – 30% and Carmel Point Investments India Private Limited – 26%.
The Difference Is the Experience
We offer a diversified suite of 31 need-based products (as of 31 st March 2020) catering to varied customer segments, leveraging multiple distribution capabilities and augmenting various investment options. In all, propositions under the categories of Protection, Assured Savings, Wealth, Pension, Health and Group Funds for Employee Liabilities form a complete suite of offerings that help our customers prepare for the certainties of life. Our products are easy to understand and competitively priced with risk management being our core strength.
We hire the best so that we can offer our customers the best. We embrace diversity, are driven by meritocracy, fuelled by innovation, and value our employees’ opinions that help us shape people practices, processes and policies better. Our teams are a mix of the brightest minds from diverse backgrounds. We collaborate to create innovative financial solutions in a stimulating work environment. IndiaFirst Life believes in keeping its employees happy , passionate and connected at the work place.
For two consecutive years (2019 & 2020), IndiaFirst Life Insurance has been recognised among the top 25 Great Place to Work in the BFSI segment. This is one of the most prestigious achievements for any organization. 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
Our competitive advantage is new-age intuitiveness that delivers value through state-of-the-art 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 helps us grow consistently. 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).