Opens 14 new offices and revamps offices in 3 locations
India, February 18, 2019: Future Generali India Life Insurance Company Limited (FGILI), undertook an expansion plan with the title ‘Project Vistar’, to increase their operational presence in India. The first phase of the project was initiated on 31st December 2018 wherein 14 new offices were launched while 3 existing offices have been revamped. Project Vistar aims to improve customer-centricity by providing quick and simple solutions to actively protect and enhance peoples’ lives.
The project intends to grow the existing network of branches from 103 to a total of 117 in India. This expansion will contribute to about 10% of the company’s overall business. The rationale for choosing these specific locations to open new offices were based on an assessment done on demographic parameters. The Economic Potential Indicator (EPI) data released by the World Bank was also a useful pointer in the selection.
Through these new branch openings, the company has recruited close to 215 employees and 2376 distributors and are hopeful to further increase these numbers in the next two years.
Future Generali India Life Insurance Company Ltd. (FGILI) has been focusing on expanding their agency channel by ramping up the recruiting process of new agents and opening new branches in India. Over the last 2 years, the company through its agency channel has seen immense progress and profitability that contributes to the overall development of FGILI. The growth in the agency channel’s new business has increased by 260 per cent while the department has also strengthened its workforce by 140 per cent in 2 years.
Speaking on the occasion, Subhasish Acharya – Executive Vice President and Head – Agency, Future Generali India Life Insurance Company Limited said, “India has a huge potential for the untapped insurance market and it is about time insurers go full throttle in reaching out to its population with innovative and relevant insurance products. With the opening of 14 new locations, we feel proud to be part of the government’s initiative to make insurance products accessible to all.
At FGILI, we follow a philosophy of providing customers with products that are simpler, smarter and faster to adapt in nature. We continue to aspire to be a truly customer-centric company backed by technology and are positive of the business opportunities that these new locations will provide.”
List of offices under the first phase of Project Vistar:
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