IPPB to sell Bajaj Allianz non-life insurance products: What you need to know

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MUMBAI: India Post Payments Bank (IPPB) announced a strategic alliance with Bajaj Allianz General Insurance to distribute its non-life insurance products across the country.

“The product line will include health and medical products, personal accident and auto insurance, among other innovative products tailored to meet Bharat’s protection needs,” said Bajaj Allianz.

Can I take out insurance with Gramin Dak Sevaks?

The Gramin Dak Sevaks or postal workers have been certified for points of sale or POSP (under the POSP model) and trained for the products authorized for sale by the points of sale. As part of the alliance, IPPB will strive to offer affordable insurance products through its strong network of 650 branches and more than 136,000 banking access points to citizens in general, according to the insurer’s statement. .

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Can they promote, sell all types of policies or only optional policies?

The Insurance Regulatory and Development Authority of India (Irdai) authorizes the sale of specific retail products like automotive, health and travel, as well as other small products like personal accidents in the industry. framework of the POSP model. A factor can also help with policy renewal.

“Almost 2 lakh of postal service providers (Gramin Dak Sevaks and letter carriers) are equipped with micro-vending machines and biometric devices. They will play a vital role in the distribution and promotion of these insurance products, focusing on mainly on unbanked and underserved customers at the last mile, “said Bajaj Allianz.

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“Our service delivery model enables customers to benefit from digitally assisted insurance services at their doorstep in a simple, convenient and cost-effective manner,” said J Venkatramu, Managing Director and CEO of Indian Payments Bank. .

Who are the underserved customers?

Underserved customers would mean customers who do not necessarily have direct access to insurance contact points for products and services. Through this partnership, the factor will go to the threshold of level 2/3 or rural areas to provide insurance at the customer’s fingertips as per the insurer’s statement.

Tapan Singhel, Managing Director and CEO of Bajaj Allianz General Insurance, said: “India Post Payments Bank has been a pioneer in providing banking services in India, especially with its strong home banking network. We believe insurance can play a vital role in ensuring that customers across the country remain worry-free and can live dignified lives, especially in these difficult times. “

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The strategic alliance with Bajaj Allianz General Insurance will provide the necessary impetus to increase insurance penetration and awareness among financially excluded segments of the population. Driven by IPPB’s unique and differentiated home service, this will redefine the entire insurance purchasing customer experience by leveraging digital technology, according to the press release from Bajaj Allianz.

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