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Fused in November, 2009; IndiaFirst Life Insurance Company is a life insurance company in India which was started as a joint endeavor between two of India’s public sector banks – Bank of Baroda (44%) and Andhra Bank (30%), and UK’s financial and invest Company Legal and General (26%). In February 2019, Legal and General sold its stake to Carmel Point Investment India Private Limited, a body incorporated under the laws of Mauritius and owned by private equity funds managed by Warburg Pincus LLC, who now hold 26 percent of stake in the company. This is the first deal wherein a private equity fund has taken an interest in a life insurance company. The company has its headquarters in Mumbai.
As of March 2019, the company has about 2380 employees strong with a footprint that insurances 98% of India with over 14,000+ branches nationally. In FY19, recording a claim settlement ratio of 94.23%, IndiaFirst Life reinforced nearly 18,627 families and paid claims in excess of INR 362 crores.
IndiaFirst Life is amongst the first few life insurance brands in India that has not only changed the category narrative but has also been able to carve out a niche for itself amongst millennials. The brand tone & voice is very contemporary & inspired by what resonates with millennials. IndiaFirst Life realized that the growth in the life insurance sector will come from catering to millennials and by creating a voice that’s filled in hope and not in fear. Keeping this in mind they aimed at not only generating awareness but also finding an ‘alternate’ voice which would be differentiated and ownable. They wanted to position IndiaFirst Life as a purposive brand for young people, the social media savvy millennials, residing in India’s metro cities- Without alienating their existing customers.
FINANCIAL INSIGHT
From the momentous day in 2009 when the company sold the very first policy as the 22nd entrant amongst private players we are now
- As of 31st March 2019 in the top 10 in gross business and the top 12 in retail business serving more than 10-lakh retail customers.
- The FY 19 ended on a strong footing with INR 3200 crores worth of total premiums collected, taking our AUM to INR 15,000 crores.
- As of March 2019, we are 2380 employees strong with a footprint that covers 98% of India
- Accessible and Available through 14,000+ partner branches nationally
- In FY19, recording a claim settlement ratio of 94.23%, IndiaFirst Life supported nearly 18627 families and paid claims in excess of INR 362 Cr.
STANDING TALL WITH COMPETITORS
Functionally, the brand places its products strategically at several milestones in one’s life- Marriage, Children & Retirement – and gives its Target Audience a compelling reason to consider life insurance as a planning tool.
Emotionally, the brand takes a higher ground by giving people reasons to consider a life insurance policy without infusing any fear, which is a departure from the conventional narrative that has been woven around Life Insurance. A positive spin on a category that needs stories about celebrating people & life!
- The insurance industry in India consists of 57 insurance brands, of which 24 are in the life insurance business.
- It is a cluttered category, with a diverse range of brands unified by a single message: Prepare for uncertainties of life.
- IndiaFirst Life is amongst the first few life insurance brands in India that have not only changed the category narrative but has also been able to carve out a niche for itself amongst millennials.
- The brand tone & voice is very contemporary & inspired by what resonates with millennials.
- IndiaFirst Life realized that the growth in the life insurance sector will come from catering to millennials and by creating a voice that’s steeped in hope and not in fear.
- IndiaFirst Life services customers, across the vast expanse of the country, hence as a brand it aspires to have facets that resonates with young and also connects with all our bank customers etc.
- CSR Initiatives
o Helping Mass Market With Micro Insurance
o Financially Inclusive Insurance (Prime Minister Jeevan Jyoti Bima Yojana)
o Spreading Insurance to Remote Rural Communities
AWARDS AND ACCOLADES
- We won the SAMMIES for the ‘Best Social Media Brand (BFSI sector) 2018 and the Most Admired Brand in the Economic Times, in the BFSI sector for the launch of our brand new ‘Certainty of Life’ campaign. The versatility in the methods of communication is what ensured this win.
- Our varied formats of posting content through animated videos, gifs, split screens, etc. and keeping up with thematic content are what led us to win the at the Asian Customer Engagement Forum and Awards (ACEF) 2018 for Excellence in Branding and Marketing.
- Through our #FreedomFromIlliteracy we took to social media to generate awareness about the literacy rate in our country and through a simple call to action of liking the series of posts we put up, we raised over 3.5 lacs to educate over 60 children for an entire year from the SMILE Foundation. This activity won at the Asian Customer Engagement Forum and Awards (ACEF) 2018 for Excellence in CSR.
- We launched our Certainty of Life campaign through the very first of a kind ‘deferred live’ series with three influencers. This innovation led us to win the Drivers of Digital Award, 2018 for Best Innovation/Creativity in a Digital Campaign.
- Additionally, we successfully won The Digital Officers Converge (CDO) awards for the work done as part of the ‘Certainty of Life’ campaign for our social platforms.
