While the insurance sector already has more than 20 players, a new player -- IndiaFirst Life Insurance, the joint venture between Bank of Baroda, Andhra Bank and UK's Legal & General -- makes its debut.
Bank of Baroda has 44 per cent stake; Andhra Bank has 30 per cent; and Legal & General has the remaining 26 per cent stake in this joint venture.
Dr P Nandagopal, chief executive officer, IndiaFirst Life Insurance, says that the core differentiator for the company is that it will always keep the customer first.
The initial distribution will be carried out through the wide network of Bank of Baroda and Andhra Bank. Together, both banks have close to 4,500 branches. The life insurance product will be made available at all these branches, initially to the banks' existing customers. The banks will be the primary distribution channel, before moving on to other distribution channels.
The insurance company has got all the three regulatory approvals from the Insurance Regulatory and Development Authority.
Both IndiaFirst's name and logo have been created by Ray & Keshavan, on an open brief. The three-coloured wave is symbolic of the colours of the three companies that have come together to form the insurance company. It also symbolises the dynamic nature that IndiaFirst will maintain.
Presently, the creative duties lie with three agencies, Saatchi & Saatchi, Percept/H and Think Why Not. A marketing plan and direction has yet to be approved.