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 partnerships with Bajaj Allianz and 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.”
Mr. Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance said, “India Post Payments Bank has been a pioneer in catering to banking services in India, especially with their robust doorstep banking network. We enthusiastically look forward to offering customer-centric insurance solutions backed by technology innovations to every part of India along with providing a seamless customer experience in partnership with the bank. We feel that insurance can play a critical role in ensuring that customers of the country remain worry-free and are able to live a life of dignity, especially in these tough times.”
The strategic alliances with Bajaj Allianz General Insurance and 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.