Mumbai: India Post Payments Bank (IPPB) has announced a strategic alliance with Bajaj Allianz General Insurance to sell non-life insurance products nationwide.
“The range of products includes healthcare and medical products, personal injury and car insurance, among other innovative tailor-made products that meet Bharat’s protection needs,” said Bajaj Allianz.
Can I buy insurance from Gramin Dak Sevaks?
The Gramin Dak Sevaks or mail carrier is POS or POSP (under the POSP model) certified and trained on products that are licensed for sale through POS. As part of the partnership, IPPB will endeavor to provide affordable insurance products to all citizens through a strong network of 650 branches and more than 136,000 banking access points, according to an insurance company statement.
Can they only advertise and sell policies of any kind or selective policies?
Under the POSP model, India’s Insurance Regulatory Development Agency (Irdai) permits the sale of certain retail products such as automobiles, health and travel, as well as other small items such as personal accidents. Mail carriers can also help update the policy.
“Approximately 20,000 rupees of postal service providers (Gramin Dak Sevaks and mail carriers) are equipped with micro ATMs and biometric devices. The distribution and promotion of these insurance products is primarily serviced without a bank account. Plays an important role, focusing on customers who are not well-developed, “Bajaji Allianz said.
JVenkatramu, MD and CEO of India Post Payments Bank, said:
Who are the underserved customers?
Underserved customers are those who do not always have direct access to the insurance touchpoints for their products and services. Through this partnership, mail carriers will reach out to Tier 2/3 or local doorways to provide insurance at the customer’s fingertips, in accordance with the insurance company’s statement.
Tapan Singhel, MD and CEO of Bajaj Allianz General Insurance, said: Customers in that country can live a dignified life without worry, especially during these difficult times. “
The strategic alliance with Bajaj Allianz General Insurance provides the impetus needed to increase insurance penetration and awareness among the economically excluded population. According to a Bajaj Allianz press release, driven by IPPB’s unique and differentiated front door service, which redefines the entire customer experience of purchasing insurance by leveraging digital technology.
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