Business Daily from THE HINDU group of publications
Friday, Aug 29, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Friday, Aug 29, 2008 ePaper | Mobile/PDA Version | Audio |
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Money & Banking
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Life Insurance ING Vysya Life to expand referral tie-ups Our Bureau Hyderabad, Aug 28 ING Vysya Life Insurance is planning to expand its referral tie-ups with the cooperative banks in South India. “We are currently in the process of partnering with 20 cooperative banks in Andhra Pradesh, Karnataka, Kerala and Tamil Nadu for expanding our referral bank model,” Mr Rene van der Poel, Director of Alternate Channels & Employee Benefits, ING Vysya Life Insurance told Business Line here. A referral tie-up is an agreement between a bank and an insurer wherein the bank gives reference of prospective customers to the insurer. It is a part of the bancassurance. As on date, ING Vysya Life has referral tie-ups with 160 cooperative banks in the country (2,000 branches). Almost 21,765 policies were issued through this channel, which generated Rs 42.57 crore revenue in 2007. “This constituted about 10 per cent of our revenues,” he said. Shift in focusTill recently, ING Vysya Life focused on roping in cooperative banks in western, northern and eastern regions. “In the south, the operations are relatively stronger and hence we had begun with these regions. Now the focus is on South India,” Mr Poel said. Plans are also on to ramp up the referral sales force significantly. “As of now, we have an exclusive team of 1,300 people. It would be doubled in about two years along with the growth in the number of tie-ups,” he said. The company is aiming initially at placing at least one business executive at all the bank branches that are offering referral service. 2 new products from ING Vysya Life India Post, ING Vysya Life tie up ING Vysya Life to raise Rs 100 cr more capital ING Vysya Life to shore up capital base ING Vysya Life to infuse Rs 150 cr by March More Stories on : Life Insurance
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