Page 47 - Banking Finance June 2017

INTERVIEW

average premium from BANCA has registered a growth General Insurance in association with respective Partner
of 5 % to 10% in past years. Banks to all its savings bank (SB) customers against a nominal
premium payment.
(ii) In getting better reach, bank partners of USGI have
provided support. Strategic bank partners of USGI have The policy comes with Sum Insured of Rs 10 Lakh at a
nominal annual premium of Rs 100.
“ Universal Sompo has always remained a front runner in Given the renewal of the policy can

identifying the opportunities in extending insurance ben- be done till the maximum age of 75
years which is one of the highest
efits to masses. coverage provided across all
“
already established credibility and have tremendous personal accident schemes present in the Insurance industry.
potential in Indian market and provide channel
Universal Sompo General Insurance have specifically
supporting terms of business and infrastructural support. deployed bank associate at respective bank branches for
At present USGI has networking of at about 11000 providing efficient services to our customers. Various
numbers to bank branches of associated prime banks technological up gradation and new systems are also
at PAN Indian basis.
implemented to support bancassuarnce channel to improve
(iii) In brining best practices, our bank partners have always servicing efficiency.
supported. We have always followed best practices and
the system with our bank partners and it has evolved What is your current strength of operating
during past years. offices and distribution channel?
(iv) We hold a special relation with the existing customers Universal Sompo has always remained a front runner in
of our bank partners and have always been proactive identifying the opportunities in extending insurance benefits
in understanding their needs and to develop co-branded to masses. Universal Sompo has an all India Presence with
products for them. In terms of Health Insurance, USGI 17 Zonal Offices and 111 Offices present across the length
have co-branded Health Care Plus policies with each of and breadth of the country. In addition to the above offices,
the bank partners. Towards personal accident we offer we extend Insurance benefits to Banks customers in both
KBL-Suraksha & IOB Suraksha to Bank Account holders. rural & urban area through the network of around 11,000
For Motor Insurance, we provide the best insurance bank branches. We extend insurance benefits to rural India
services to the bank customers at best price with every through our partnership with around more than 18,000
motor finance loans from our Bank Partners. Common service centers (CSCs).
Employees are the Face of the organisation and we boast
Have you launched any specific products related of highly competent team of 1420 employees to extend the
to bank customers insurance services to our valued customers.
For each of our BANCA partner viz. Allahabad Bank, Indian
Overseas Bank and Karnataka Bank, we have designed Online selling is gaining momentum. Your plans
specific Co-branded health product namely Allahabad Bank about enhancing your presence in this segment
Health Care Plus, Indian Overseas Bank Health Care Plus and Digital disruption is expected to impact insurance significantly
Karnataka Bank Health Care Plus based on bank customers' in near future. The exploding popularity of smart phones and
specific need. All health product specifically designed have Internet has become a core part of life for many consumers
turn out to be quite well in past years. across the globe and in India. The old ways of selling insurance
We have also launched specialized are, over time becoming less sustainable and insurance sales
personal accident products for KBL
customers and IOB Customers as “ Digital disruption is expected to impact insurance signifi-
KBL-Suraksha & IOB-Suraksha. cantly in near future. The exploding popularity of smart
These are specialized Personal phones and Internet has become a core part of life for
Accident Insurance scheme “
extended by Universal Sompo many consumers across the globe and in India.

BANKING FINANCE | JUNE | 2017 | 47

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