IPPB Ties-up With Bajaj Allianz General Insurance to Sell Non-life Insurance Products

The India Post Payments Bank is committed to fulfilling the varying financial needs of the customers with accessible and cost-effective solutions. The IPPB has partnered with renowned Bajaj Allianz General Insurance. The strategic alliance is expected to go a long way and achieve the desired vision. It has been done for the distribution of its non-life insurance products across the nation.

Brief Overview

As part of the alliance, the India Post Payments Bank will strive to make accessible cost-effective insurance products. It will be done through the robust network of 650 branches and 1, 36,000 more banking points of access to the citizens.

So Do We Need to Buy Insurance from Gramin Dak Sevaks?

As of now, about 2 lakh postal service providers that include postmen and Gramin Dak Sevaks are well-equipped with the micro-ATMs. Biometric devices also play a key role in the promotion and distribution of insurance products.

Does it Mean that They Can Advertise and Sell Any or Selective Policy?

Insurance Regulatory and Development Authority of India under the POSP model allows the sale of specific retail products. The product scope encompasses healthcare and medical products, car insurance, and personal accident. Other products are tailor-made to address the protection needs. With this tie-up, the IPPB has strengthened the offerings of the insurance portfolio. Hopefully, more products will be added in the prospective times ensuring the financial well-being of the customers. The current service delivery model helps customers to avail insurance services digitally in a simple, economical and convenient manner. This will help to increase the awareness and penetration of motor, health insurance, etc. amongst the segment that is financially excluded across the country. The focus is on the underserved and unbanked customers.

Thinking, Who are the Underserved Customers?

The underserved customers essentially include those who do not have direct access to the insurance touchpoints. With the strategic alliance, the mail carriers will reach out to the Tier-II and Tier-III or the local doorways. It would help to provide the insurance at the fingertips of the customers following the statement of the insurance company.

The Final Thoughts

The India Post Payments Bank has been a pioneer when it comes to catering the banking services across the country. Insurance does play an integral role in ensuring that the customers remain worry-free in tough times. At Bajaj Allianz General Insurance we believe in offering customer-centric insurance solutions. To provide a seamless customer experience, the strategic alliance will provide the required impetus. It will redefine the insurance buying experience of customers by leveraging digital technology.