Financial Daily from THE HINDU group of publications
Saturday, Feb 16, 2002
Financial Daily from THE HINDU group of publications Saturday, Feb 16, 2002 |
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Corporate
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Alliances & Joint Ventures Marketing - Channels and Franchises Money & Banking - Insurance Geojit arm ties up with MetLife Our Bureau
KOCHI, Feb. 15 GEOJIT Infofin Technologies, a wholly-owned subsidiary of the Kochi based Geojit Securities, has tied up with MetLife India Insurance Company Ltd for the marketing and distribution of insurance products across the country. The initial launch would be in 12 selected centres in Kerala which would be extended to other parts so as to provide a comprehensive all-India coverage within 18 month, Mr C.J. George, Managing Director, Geojit Securities, said at a press conference here on Friday. The company expected an income of Rs 2 crore during the first year of operations, he added. The three products to be marketed in the first phase were Met 100, a limited pay whole life non-participating policy, MET Shanti, an endowment assurance non-participating policy and MET Sukh, a money back non-participating policy. More products would be introduced in the market later. Metropolitan Life Insurance Company (Metlife) is a global leader in the financial services with about $ 1.7 trillion of the life insurance in force, serving about nine million individual households in the US. Metlife also has international insurance operations in 10 countries. According to Mr George, the tie-up was part of the company's strategy to provide single window advisory and implementation service for small and retail investors who have been either underserved or not served at all. The agreement with Metlife would provide an access to world class insurance products which were designed not just to provide life insurance but also to make insurance quite a different product from what was understood today. Geojit would completely change the way insurance policies were marketed and distributed in India. The staff would not work for individual commissions and would not have any vested interest to aggressively sell any product. The company had plans to provide a complete menu to investors offering investment options ranging from insurance, equities, derivatives, mutual funds, bonds, IPOs to enable meticulous investment planning by analysing the needs, requirements and risk-profile of the customer, he said. ``We will sell insurance the way it should be - as a protection product with investment option. We will look at individual finance needs holistically and advise the clients about how and where they should invest to get desired cash flow at a future date along with a risk cover. This will be based on complete profiling wherein future financial needs, especially life cycle needs such as children's education, marriage, owning a house etc will be ascertained'', Mr George said. The company will be in a position to cater to an all-India market, with a special focus on the south, through its expanding distribution network - from the current level of 75 offices to 225 offices in three years' time. It had also plans to add clients through its online trading service.
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