Mumbai: India Post Payments Bank (IPPB) has announced a strategic alliance with Bajaj Allianz General Insurance to distribute its non-life insurance products across the country.
Bajaj Allianz said, “The range of products will include healthcare and medical products, personal accidents and motor insurance, along with other innovative class-leading products to meet the safety needs of India.”
Can one buy insurance from Gramin Dak Sevaks?
Gramin Dak Sevaks or postmen have been certified for Point of Sales Persons or POSPs (under the POSP model) and trained for the products permitted for sale through sales. As part of the alliance, IPPB will endeavor to provide affordable insurance products to citizens at large through its strong network of 650 branches and over 136,000 banking access points, according to the insurer’s statement.
Can they promote, sell all types of policies or only alternative policies?
The Insurance Regulatory and Development Authority of India (Irdai) allows the sale of specific retail products such as motor, health and travel and other small-sized products such as personal accidents under the POSP model. A postman can also help with the renewal of policies.
“Around 2 lakh postal service providers (Gramin Dak Sevaks and Postmen) are equipped with micro-ATMs and biometric devices. They will play an essential role in the distribution and promotion of these insurance products, mainly to the unbanked and underserved at the last mile. With a focus on our customers,” said Bajaj Allianz.
J Venkataramu, MD & CEO, India Post Payments Bank said, “Our service delivery model enables customers to digitally avail insurance services at their doorstep in a simple, convenient and cost-effective manner.”
Who are the underserved customers?
Under-served customers would mean customers who do not have direct access to insurance touchpoints for products and services. With this partnership, the postman will reach the doorstep in Tier 2/3 or rural areas to provide insurance at the fingertips of the customer, as per the statement of the insurer.
Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance said, “India Post Payments Bank has been a leader in banking services in India, especially with its strong door-to-door banking network. We feel insurance will play a key role in ensuring this. May the customers of the country remain worry-free and live a life of dignity, especially in these difficult times.”
The strategic tie-up with Bajaj Allianz General Insurance will provide the necessary impetus to increase access and awareness of insurance among the economically excluded sections of the population. According to a Bajaj Allianz press release, powered by IPPB’s unique and exclusive doorstep service, it will redefine the entire customer experience of buying insurance by leveraging digital technology.
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