IndiaFirst Life Insurance expects 5% business from online store

NEW DELHI: IndiaFirst Life Insurance today said it expects five per cent of its total business to come from the newly launched online store.

"With the new concept we are aiming to target the youth who are more into internet and online platforms. We expect, atleast five per cent of our business will be from LifeStore," IndiaFirst Managing Director and CEO P Nandagopal said.

IndiaFirst Life Insurance, a joint venture between public sector lenders, Bank of Baroda and Andhra Bank, and a UK-based investment firm Legal & General, had last week launched 'LifeStore', which is being touted as a complete do-it-yourself online store for understanding and buying insurance.

"We want to reach the seven crore internet users in the country. They can now go through all our offers online and choose themselves. Besides, we have also set up a helpline for them," Nandagopal said.

Among other features, LifeStore offers live video call, product audio visuals, step-by-step comparison of products, update on company performance and investments.

"This is much more than a mere official company website. Besides, data shows that 24 per cent internet users look for financial information with insurance registering an annual increase of 33 per cent in terms of web search interest," he added.

Nandagopal said the company is now looking to develop an application specifically aimed at mobile phone users.

The Rs 455 crore IndiaFirst started operations in March 2010. While Bank of Baroda holds a 44 per cent stake in the firm, Andhra Bank, and Legal & General own 30 per cent and 26 per cent stake, respectively.

IndiaFirst currently has two lakh individual and six lakh group policies.