For widening its business reach to rural markets
ICICI Prudential Life Insurance, a private life insurance provider of India, has formed an alliance with India Post to foray into rural markets via the India Post’s network of 16,159 post offices across Andhra Pradesh, India, reported Business Standard.
Reportedly, the life insurance company has also introduced this service in other states in Gujarat, Karnataka and Uttar Pradesh. The company has decided to take this collaboration to the pan-India level in the next one month.
Anup Rau, senior vice-president and head (sales), ICICI Prudential, said: “Under this referral agreement partnership, India Post will give us business leads. Customers who want to save towards their long-term financial goals through ICICI Prudential’s plans will be referred by India Post to the company’s banassurace officer. Over 1,160 postal staff have been trained in raising referrals.”
KV Sundar Rajan, chief postmaster general (Andhra Pradesh circle), said: “With this tie up, the existing ICICI Prudential life policyholders can also pay their premiums at the 529 e-payment enabled post offices across Andhra.”