Future Generali Life Insurance inks pact with Religare Broking Ltd
Future Generali India Life Insurance Company Limited strengthens its national footprint
Opens 14 new offices and revamps offices in 3 locations
India, 14 February 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 rational 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 intends to recruit close to 215 employees and 2376 distributors in the current year 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 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 true 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:
| Location | Status |
|---|---|
| Mumbai, Maharashtra | New office |
| Dalhousie, Kolkata | New office |
| Kirti Nagar, New Delhi | New office |
| Saharanpur, Uttar Pradesh | New office |
| Haridwar, Uttarakhand | New office |
| Jorhat, Assam | New office |
| Tinsukia, Assam | New office |
| Siliguri, West Bengal | New office |
| Balasore, Orissa | New office |
| Rourkela, Orissa | New office |
| Kharagpur, West Bengal | New office |
| Bhatinda, Punjab | New office |
| Hoshiarpur, Punjab | New office |
| Pathankot, Punjab | New office |
| Dehradun, Uttarakhand | Revamped office |
| Amritsar – Punjab | Revamped office |
| Jalandhar – Punjab | Revamped office |
GENERALI GROUP :
Generali is an independent, Italian Group, with a strong international presence. Established in 1831, it is among the world’s leading insurers and it is present in over 60 countries with total premium income exceeding €70 billion in 2016. With over 74,000 employees in the world, and 55 million clients, the Group has a leading position in Western Europe and an increasingly significant presence in the markets of Central and Eastern Europe and in Asia. In 2017 Generali Group was included among the most sustainable companies in the world by the Corporate Knights ranking.
Future Group :
Future Group operates some of India’s most popular retail chains including Central, Big Bazaar, Food Bazaar, Home Town and eZone. Apart from its allied businesses in Life and General insurance, the Group is also present in the domain of logistics infrastructure and supply chain and brand development. The group operates over 17 million square feet of retail space in over 90 cities and towns and 60 rural locations across India. The group’s retail formats connect over 300 million customers to over 30,000 small, medium and large enterprises that supply products and services to its retail chains. Future Group believes in developing strong insights on Indian consumers and building businesses based on Indian ideas, as espoused in the group’s core value of ‘Indianness.’ The group’s corporate credo is, ‘Rewrite rules, Retain values’.
