Business Daily from THE HINDU group of publications
Saturday, Oct 24, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Saturday, Oct 24, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Money & Banking
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Life Insurance Marketing - Channels and Franchises States - Karnataka ICICI Prudential, India Post tie up for distribution of policies Our Bureau Bangalore, Oct. 23 Under a referral agreement partnership, ICICI Prudential Life Insurance has tied up with India Post to distribute and service its policies. This will enable consumers to buy ICICI Prudential Life’s products from any one of 9,837 post offices in the State. Also existing policy holders can pay their premiums at any one of the 620 e-payment enabled post offices across the State to which another 750 would be added in a month. Under the terms of the agreement, India Post earns Rs 25 for every premium collected and for every successful referral, it would be credited with an earnings of 7.5 per cent of the premium amount for the first year and 4.5 per cent for the successive years, said Mr M.P. Rajan, Chief Postmaster General, Karnataka Circle, India Post. ICICI Prudential has trained over 930 postal staff in raising referrals. Speaking at the announcement of the new partnership, Mr Anup Rau, Senior Vice-President and Head - Sales, ICICI Prudential Life Insurance, said India Post’s extensive network would help the company reach offer its entire range of products and services to its customers. He said that Karnataka was the second State after Gujarat for such a tie-up. On the issue of the insurance regulator’s directive on reduction in yield for a customer not being less than 3 per cent, he said the private insurer would achieve that by making its delivery model more efficient. “We would want to optimise our resources and presence,” he added. More Stories on : Life Insurance | Channels and Franchises | Supply Chain Management | Karnataka
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