India Post Payments Bank (IPPB) today announced a strategic alliance with Bajaj Allianz General Insurance for the distribution of their non-life insurance coverage items across the nation. As element of the alliance, IPPB will strive to make offered cost-effective insurance coverage items by means of its robust network of 650 branches and more than 136,000 banking access points to citizens at big. The scope of items shall include things like healthcare and health-related items, private accident, and motor insurance coverage amongst other tailor-made items to address the protection requires of Bharat.
Nearly 200,000 postal service providers (Gramin Dak Sevaks and postmen) who are equipped with micro-ATMs and biometric devices will play an essential part in the distribution and promotion of these insurance coverage items, focusing specially on unbanked and underserved prospects at the last mile.
Speaking on the significance of the tie-up, J Venkatramu, MD & CEO, India Post Payments Bank, mentioned, “IPPB is committed to fulfilling varied financial needs of our customers with affordable and accessible solutions, and our strategic partnership with Bajaj Allianz will go a long way in helping us realize that vision. Through this tie-up, we have further strengthened our insurance portfolio offerings and hope to add more products in the 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 a simple, convenient, and economical manner.”
Commenting on the partnership, Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance, mentioned, “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 alliance with Bajaj Allianz General Insurance will provide the required impetus for growing the penetration and awareness of insurance coverage amongst financially-excluded segments of the population. Driven by IPPB’s distinctive and differentiated doorstep service, this will additional redefine the whole consumer knowledge of getting insurance coverage by leveraging digital technologies.