Financial Daily from THE HINDU group of publications
Friday, May 03, 2002
Financial Daily from THE HINDU group of publications Friday, May 03, 2002 |
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Money & Banking
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Life Insurance ICICI PruLife ties up with Federal Bank Our Bureau
KOCHI, May 2 ICICI Prudential Life Insurance Company has entered into a strategic tie-up with the Federal Bank for the distribution of life insurance products. The tie-up comes after ICICI PruLife had launched its operations in Kochi in February this year. Over the past two months, the company had established a network of over 300 advisors and seen widespread awareness and acceptance of its products, the Managing Director of ICICI Prudential Life Insurance Company, Ms Shikha Sharma, said at a press conference here. ICICI PruLife financial service consultants (FSC's) could now approach Federal Bank customers, based on referrals from the Bank. This alliance expands ICICI Prulife's reach to around 2 lakh customers across 30 bank branches in Kerala and 30 in other cities including a large number of NRI customers. The two companies have come together with a shared vision to increase awareness of life insurance and highlight its importance in the financial goods basket of the common man. The tie-up with Federal Bank throws open new opportunities, particularly in the vast Southern market, she said. Speaking on the occasion, Mr K.P. Padmakumar, Chairman of the Bank said the network of branches in distributing the insurance products would be increased in due course and the bank would fix an individual target for each branch manager as soon the expansion of network is completed. ``This strategic alliance with ICICI Prulife is an extension of our philosophy to provide a complete range of financial solutions to our customers. By tying up with India's leading private life insurer, we can assure our customers of not only a complete, innovatively designed product range, but also world class service,'' Mr Padmakumar said. According to Ms Sharma, ICICI Prulife has a multi-channel distribution strategy to reach customers. In addition to advisors, tie-ups with and referrals through established banks are an integral element of the company's goal to expand distribution. The company had tie-ups with organisations such as BASIX, WorldVision, Dhan, CASPOR and Shepherd for distribution of products in social sector and rural markets.
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