ING Life keen to partner post offices
ING Vysya Life is a joint venture of Amsterdam-based financial institution ING Group, Exide Industries, Gujarat Ambuja Cements and Enam Group.
By PTI |
NEW DELHI: ING Vysya Life Insurance is mulling an alliance with India Post, one of the largest postal network in the world, for a foray into micro-insurance business in the country.
"This is an interesting proposal and we may look at a partnership with Department of Post," ING Group Executive Board Member Hans van der Noordaa said here on the sidelines of the launch of the 'Microinsurance Awards 2007'.
ING Vysya Life is a joint venture of Amsterdam-based financial institution ING Group, Exide Industries, Gujarat Ambuja Cements and Enam Group.
He said it was a very good proposal as the massive post office network (numbering more than 1,55,000) will give an excellent platform for micro-insurance, besides reducing the distribution cost.
Noordaa was reacting to the suggestion of former Insurance Regulatory and Development Authority chairman N Rangachary, who said ING should look at partnering with post offices as they have acceptability and reach that no one can match.
According to ING Country representative Naren N Joshi, the sales and distribution costs are very high in India, which need to be reduced drastically to make micro-insurance a viable product for the poor.
"ING offers micro insurance products in many countries. We have plans to enter micro insurance business in India," Noordaa said.
Joshi said the the company is in the process of launching a micro insurance product in India.
Country's largest life insurer, LIC has recently launched 'Jeevan Madhur', a micro insurance for the poor.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
