New Delhi: India Post Payments Bank (IPPB) has tied up with Tata AIG General Insurance Company Limited for distribution of non-life insurance products across the country.
As part of the alliance, IPPB will provide affordable insurance products through its strong network of 650 branches and over 136,000 banking access points to citizens at large. Tata AIG said in a statement on September 23 that the products include health insurance, personal accident, motor insurance, among other innovative products.
here are the details:
Will insurance products be available with Gramin Dak Sevaks?
Gramin Dak Sevaks will play an important role in the sale and distribution of insurance products. The strategic partnership with Tata AIG is a step towards providing comprehensive risk solutions to customers through the wide distribution network and reach of IPPB.
Can they promote all kinds of policies, sell or select a few?
The range of insurance products will include health insurance products, personal accidents, motor insurance and other products approved by IRDAI to meet the protection needs of the customers.
According to the press release, about 200,000 postal service providers (Gramin Dak Sevaks and Postmen) who are equipped with micro-ATMs and biometric devices will play a vital role in the distribution and promotion of these insurance products, especially to unbanked and underserved customers. will focus on. last mile.
Who are the underserved customers?
The penetration of general insurance in India is low as compared to developed economies. IPPB’s robust distribution and reach will enable risk-taking solutions for providing insurance to customers in urban, semi-urban and rural areas. This is being achieved through simplified digital processes in an assistive mode at their doorstep in a simple, convenient and economical manner, the insurer’s statement said.
Nilesh Garg, MD & CEO, Tata AIG GI said, “With the help of India Post Payments Bank, we can provide consumers in semi-urban and rural India access to insurance products and much-needed protection. It aims to offer innovative solutions backed by new age technology that are easy to understand for the customers.”
The strategic tie-up with Tata AIG General Insurance will provide the necessary impetus to increase insurance penetration and awareness amongst the financially excluded sections of the population. According to a statement by Tata AIG, powered by IPPB’s unique and exclusive doorstep service, it will redefine the customer experience of buying insurance by leveraging digital technology.
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