automobile, health, and travel insurance, as well as other smaller products such as personal accidents. These plans can be renewed. Bajaj Allianz explained about the company’s service delivery to underserved customers. It said, “Almost 2 lakh of postal service providers (Gramin Dak Sevaks and letter carriers) are equipped with micro-vending machines and biometric devices. They will play a vital role in the distribution and promotion of these insurance products, focusing mainly on unbanked and underserved customers at the last mile”.
J Venkatramu, Managing Director and CEO of Indian Payments Bank, spoke about the company’s digital services. He said, “Our service delivery model enables customers to benefit from digitally assisted insurance services at their doorstep in a simple, convenient and cost-effective manner”. The people who do not have direct access to insurance contact points for products and services are referred as underserved customers. According to the insurer, with this collaboration, the insurance products will reach the rural regions to offer insurance at the customer’s fingertips.
Managing Director and CEO of Bajaj Allianz General Insurance, Tapan Singhel, expressed hopes in the partnership. He said, “India Post Payments Bank has been a pioneer in providing banking services in India, especially with its strong home banking network. We believe insurance can play a vital role in ensuring that customers across the country remain worry-free and can live dignified lives, especially in these difficult times.”
The strategic partnership with Bajaj Allianz General Insurance will offer the push needed to improve insurance penetration and awareness among financially disadvantaged people. According to a media statement released by Bajaj Allianz, this collaboration would revolutionize the whole insurance purchasing customer experience by utilizing digital technologies provided by IPPB’s unique and differentiated home service.
