NEW DELHI: India Post Payments Bank (IPPB) has partnered with Tata AIG General Insurance Co. Ltd. for the distribution of non-life insurance products across the country.
As part of the alliance, IPPB will make affordable insurance products available through its strong network of 650 branches and more than 136,000 banking access points to citizens in general. The products include health insurance, personal accidents, auto insurance, among other innovative bespoke products, Tata AIG said in a statement on September 23.
Here are the details:
Will insurance products be available with Gramin Dak Sevaks?
Gramin Dak Sevaks will play a key role in the sales and distribution of insurance products. The strategic partnership with Tata AIG is a step in the direction of delivering comprehensive risk solutions to customers through IPPB’s extensive distribution network and reach.
Can they promote, sell all types of policies or a few?
The insurance product line will include health insurance, personal accident insurance, auto insurance and other IRDAI approved products, among other innovative products tailored to meet clients’ protection needs.
According to the press release, nearly 200,000 postal service providers (Gramin Dak Sevaks and postmen) equipped with micro-vending machines and biometric devices will play an important role in the distribution and promotion of these insurance products, by focusing particularly on unbanked and underserved customers at the last mile.
Who are the underserved customers?
General insurance penetration remains low in India compared to that of developed economies. IPPB’s strong distribution and reach capacity will enable it to offer risk solutions to clients in urban, semi-urban and rural areas, providing them with insurance. This is achieved through simplified, assisted-mode digital processes at their doorstep in a simple, convenient and cost-effective manner, the insurer’s statement said.
Neelesh Garg, MD and CEO of Tata AIG GI, said, “With the help of India Post Payments Bank, we can provide direct access to insurance products and much needed protection to consumers in semi-India. urban and rural. The aim is to offer innovative solutions supported by new era technology and easy for customers to understand. “
The strategic alliance with Tata AIG 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 door-to-door service, this will redefine the insurance purchasing customer experience by leveraging digital technology, according to a statement from TATA AIG.
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