IDBI Federal Life Insurance
IDBI Federal Life Insurance Co. Ltd.,(formally IDBI Fortis Life Insurance) is a joint venture between three financial companies – development and commercial bank, IDBI Bank, India’s private sector bank, Federal Bank and European insurer Ageas (formerly Fortis), which was formed on March 2008.[3] In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each.[4]
History
- 2006: IDBI Bank, Federal Bank and Belgian-Dutch insurance major Fortis Insurance International NV signed a MoU to start a life insurance company
- 2008: IDBI Fortis Life Insurance Co. Ltd., which started its operations in March 2008
- 2008: IDBI Fortis opens its second branch in Andhra Pradesh in Vijayawada
- 2008: IDBI Fortis Life positive on assured return products
- 2008: IDBI Fortis launches the Bondsurance Plan
- 2009: IDBI Fortis announces Rs 250cr capital infusion
- 2009: Nimbus ropes in IDBI Fortis as title sponsor of India–Sri Lanka series
- 2009: 'IDBI Fortis' Boss-Ka-Boss receives PRCI Award
- 2009: IDBI Fortis launches Retiresurance™ Pension Plan
- 2009: IDBI Fortis scores with Goalsurance™
- 2009: IDBI Fortis reaches the banks of Hoogly
- 2009: IDBI Fortis launches Incomesurance™ Immediate Annuity
- 2009: IDBI Fortis Life Insurance uses an interactive application to help users easily calculate their taxes
- 2009: IDBI Fortis reaches the City of Eastern Light
- 2009: IDBI Fortis receives bronze Dragon at 'PMAA 2009'
- 2009: IDBI Fortis Life Insurance introduces financial inclusion plan in rural Orissa
- 2009: IDBI Fortis launches Termsurance™ Protection Plan
- 2009: IDBI Fortis redefines endowment & money back with Incomesurance™
- 2009: IDBI Fortis to open 65 more branches; raise headcount by 1,000
- 2010: IDBI Fortis now renamed as IDBI Federal Life Insurance Company[5]
Technology
To monitor and manage its network equipment across 34 sites, IDBI Fortis uses Tulip Proactive Managed CE solution. The solution includes device management, proactive troubleshooting and notification support. With the implementation of the solution, IDBI has reported improvement of network performance and availability, with a faster, more effective change and configuration management.[6]
Products
IDBI Fortis launched its first set of products across India in March 2008, after receiving the requisite approvals from the Insurance Regulatory and Development Authority (IRDA). IDBI Fortis offers services through a nationwide network across the branches of IDBI Bank and Federal Bank in addition to a network of advisors and partners. IDBI Fortis has 35 branches across the country.[7]
- IDBI Fortis Life Insurance Company was selected as the title sponsor for the India-Sri Lanka Cricket Series 2009, consisting of five One-Day Internationals and a Twenty 20 match. The ODI series will be called the IDBI Fortis Wealthsurance Cup. This will be followed by the IDBI Fortis Wealthsurance Twenty20.[8][9]
- ‘Wealthsurance Made Easy’ (WME), a knowledge aid by IDBI Fortis for its sales force, won The Bronze Dragon in the category for ‘Best Dealer/Sales Force activity’ at the Promotion Marketing Awards of Asia (PMAA).[10][11]
See also
References
External links