News: ING Vysya Life takes lead with 44 cooperative bank tieups
(TV18 07/04/2006) Mumbai - In a quiet but industry leading move, ING Vysya Life has stolen the march in cooperative bank tieups in the life insurance industry with 44 banks signed up as of 31 st March 2006. ING Vysya Life has tied up with major bank networks in Gujarat, Himachal, Haryana, Karnataka, Kerala, Maharashtra, Punjab, Rajasthan and Uttaranchal. Large tieups also exist with Nainital Bank in Uttaranchal and Abhudaya Bank in Mumbai. The 44 banks are spread over 9 states and have a combined customer base of 10 million customers with 900+ branches. The 44 tieups comprise of 1 scheduled commercial bank, 32 UCBs (Urban Cooperative Banks) and 11 DCCBs (District Commercial Cooperative Banks).
Kshitij Jain, Director Sales, ING Vysya Life said, “We have focussed on creating a compelling business value proposition for the cooperative bank segment that allows them to enhance their financial services offering to their customers as well as helps them to earn fee income. We have a specialized package that combines simple packaged products, simplified underwriting and application processing, training of branch staff and marketing support activities to help the banks get a running start and benefit from this opportunity.”
M R Rao, Head of Alternate Channels, ING Vysya Life said, “We believe that the trust and customer relationship that the cooperative banks enjoy with their clients is a strong and valuable asset. We have a team of dedicated relationship managers that provide the support from our side to the bank management. Our simplified products and processes, especially the Safal Jeevan endowment plan, are very well suited to cater to the needs of the coop banks’ customers. We now have a proven model and demonstrated success and this has helped us garner the largest number of such tieups in the industry.”
Apart from the coop banks ING Vysya Life has bancassurance tie ups with ING Vysya Bank and Bharat Overseas Bank. Alternate channels also include corporate agents in addition to coop banks. The tie ups are all referral agreements.
The Alternate channels business division within ING Vysya Life is one of the fastest growing parts of the company and contributed 20% to total premiums in 2005.
Kshitij Jain, Director Sales, ING Vysya Life said, “We have focussed on creating a compelling business value proposition for the cooperative bank segment that allows them to enhance their financial services offering to their customers as well as helps them to earn fee income. We have a specialized package that combines simple packaged products, simplified underwriting and application processing, training of branch staff and marketing support activities to help the banks get a running start and benefit from this opportunity.”
M R Rao, Head of Alternate Channels, ING Vysya Life said, “We believe that the trust and customer relationship that the cooperative banks enjoy with their clients is a strong and valuable asset. We have a team of dedicated relationship managers that provide the support from our side to the bank management. Our simplified products and processes, especially the Safal Jeevan endowment plan, are very well suited to cater to the needs of the coop banks’ customers. We now have a proven model and demonstrated success and this has helped us garner the largest number of such tieups in the industry.”
Apart from the coop banks ING Vysya Life has bancassurance tie ups with ING Vysya Bank and Bharat Overseas Bank. Alternate channels also include corporate agents in addition to coop banks. The tie ups are all referral agreements.
The Alternate channels business division within ING Vysya Life is one of the fastest growing parts of the company and contributed 20% to total premiums in 2005.
posted by InCar Group Press Room at 23:12
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