The Hindu Business Line : ING Vysya Life earns Rs 116 cr from bancassurance in Jan-Sept

Bancassurance channels of the private sector ING Vysya Life Insurance Company Ltd generated Rs 116 crore during the first nine months of the current calendar year.

Speaking to reporters here today, ING Life Insurance Director, Alternative Channels, Mr Rene van der Poel, said, “This was approximately 25 per cent of the gross premium receipts during the period.” About 40 per cent of bancassurance premia came through the ING Vysya bank channel itself, he added. ING Vysya Life is a joint venture between the dutch financial powerhouse ING group, that is a 26 per cent stake holder, the Exide group, Gujarat Ambuja Cement Industries and the Enam group.

At least 68,000 policies were sold through the alternative channels, Mr Rene said. Last year for the same period, ING Vysya Life generated Rs 60 crore through its bancassurance.

ING has bancassurance arrangements with approximately 120 banks in the country with a distribution reach through 2,100 branches in the country. This included co-operative banks. In addition, it also has distribution arrangements with 17 other entities, in the form corporate agencies. This had given ING Vysya Life access to about 18 million customers.

Alternative channels

Upbeat on the success of the alternative channel insurance distribution Mr Poel said ING was eyeing higher numbers. “We are looking at a 150 per cent increase in premia for the next calendar year,” he said.

But for achieving these numbers, ING Vysya was also ramping up the alternative channel distribution channels. “We are now in discussion with non-banking finance companies and brokerages,” he said. At least 4 more corporate agencies were expected to be added during the course of the calendar year, he said.

But the tied agency network still contributed to about 75 per cent of the premia earned by ING Vysya Life. This mix though was likely to change as alternative channels are expanded. The expansion of the alternative channels included setting up small insurance centres.

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