India Post Payments Bank (IPPB) announced strategic alliance with Tata AIG General Insurance Co. Ltd. for distribution of non-life insurance products across the country. As part of the alliance, IPPB will strive to make available affordable insurance products through its robust network of 650 branches and over 136,000 banking access points to citizens at large. The scope of products shall include health insurance products, personal accident, motor insurance amongst other innovative tailor made products to address the protection needs of Bharat.
Nearly 200,000 postal service providers (Gramin Dak Sevaks and postmen) who are equipped with micro-ATMs and biometric devices will play an important role in distribution and promotion of these insurance products, focussing especially on unbanked and underserved customers at the last mile.
Speaking on the significance of the tie-ups, Mr. J Venkatramu, MD & CEO, India Post Payments Bank said, “IPPB is committed to fulfilling varied financial needs of our customers with affordable and accessible solutions, and our strategic partnership with Tata AIG will go a long way in helping us realize that vision. Through these tie-ups, we have further strengthened our insurance portfolio offerings and hope to add more products in future that will ensure financial well-being for our customers. Our service delivery model enables customers in availing insurance services digitally in an assisted mode at their doorstep in simple, convenient and economical manner.”
Commenting on the partnership, Mr. Neelesh Garg, MD and CEO, Tata AIG GI said, “We see an exciting journey ahead with India Post Payments Bank, enabling us to provide door-step access to insurance products and much needed protection to consumers in the semi urban and rural India. The aim is to offer new age technology backed innovative solutions that are simple for customers to understand. Tata AIG’s trust and IPPB’s rich legacy together will help build trust and longstanding connect with diverse and evolving customers.”
The strategic alliance with Tata AIG General Insurance will provide the necessary impetus for increasing penetration and awareness of insurance amongst financially excluded segments of the population. Driven by IPPB’s unique and differentiated door step service, this will further redefine the entire customer experience of buying insurance by leveraging digital technology.