IndiaFirst Life Insurance Company Limited has announced the opening of 18 agency branches under its expansion initiative, #AgencyNirmaan.
The move is part of the insurer’s plan to increase its footprint across India, making life insurance products more accessible to diverse communities.
According to Rushabh Gandhi (pictured left), managing director and CEO of IndiaFirst Life, the expansion supports the company’s strategy to build a diversified distribution network.
“Complementing our well established Bancassurance business, it is in line with our strategy to widen and diversify our distribution network, transforming us into a multi-channel distribution organisation,” he said.
He revealed that the insurer aims to establish around 100 agency branches across India within the next two to three years.
Sumeet Sahni (pictured right), president of the agency channel at IndiaFirst Life, said the initiative reflects the company’s commitment to developing a strong branch network.
“#AgencyNirmaan strategically positions us to build a strong branch network across India to cater to the last mile customer. By leveraging our distribution network, we aim to provide need-based insurance solutions and enhance financial security for customers,” he said.
He added that the move aims to create employment opportunities and contribute to the socio-economic development of local regions.
The new branches will prioritise customer engagement by offering personalised insurance solutions and conducting community outreach programs.
These efforts are aligned with India’s long-term objective of achieving “Insurance for All by 2047.”
In May 2024, the Insurance Brokers Association of India (IBAI) joined hands with the Insurance Regulatory and Development Authority of India (IRDAI) at the Bima Vitarak Manthan event to discuss initiatives aimed at enhancing insurance penetration across the country by 2047.
The discussions covered strategies for expanding access to insurance, increasing public awareness, and creating new career opportunities within the industry.
The IBAI highlighted the important role brokers play in contributing to the growth of India’s insurance sector and proposed several key measures, including:
IBAI also recommended adopting global practices to improve operational efficiency and customer experience. These included allowing captives and managing general agents (MGAs), enabling premium financing, and offering flexible payment options across insurance categories.
The IRDAI chairperson said the regulator was committed to supporting brokers in implementing these initiatives and achieving the shared goal of universal insurance coverage by 2047.
