It is desirable to have life insurance policies and other insurance policies in demat form, and IndiaFirst Life is one of the first to offer the facility to the customer, according to CEO P. Nandagopal.
He told presspersons here on Friday that demat policies would be easy to track and the companies would be in a better position to serve the customer.
“However, at present, keeping the policy in a demat form is optional, but I feel it should be made mandatory. IRDA also shares the same view,’’ he said.
He said his company had adapted to the recent changes effected by IRDA and it was relaunching some of the products in accordance with the regulations. It had no problems with the new regulatory regime, he added.
“We have products to suit all segments — health, security, savings and wealth. But most of our policies are in the group insurance segment. We want to make our presence felt in retail segment, micro insurance and health insurance,’’ he said.
Nandagopal said that the company was confident of achieving the break-even in the sixth year itself and its performance was satisfactory all over the country, including Andhra Pradesh, in spite of the present political turmoil over the Telangana issue.
“We have covered half-a-million lives so far till September 30. Our new business premium is Rs 873 crore, of which Rs 96 crore is from Andhra Pradesh. The assets under our management (AUM) are valued at Rs 5,000 crore,’’ he said.
He said that the share capital of the company floated by Andhra Bank and Bank of Baroda was Rs 475 crore, which was sufficient for its present requirements, and more capital would be infused, if necessary.
He said the company was confident of achieving 20-30 per cent growth per annum over the next few years.