United India Insurance hopes to collect a premium income of Rs. 10,000 crore in the current financial year with a substantial improvement in profitability, according to G. Srinivasan, Chairman-cum-Managing Director.

Launching ‘M-Power’ , the mobile premium payment facility, here on Tuesday, Mr. Srinivasan said United India had made sustained efforts at multiple levels to meet the rising expectations of policy-holders, and simplify the process of delivery and access to services.

M-Power was one such initiative to meet the changing needs of customers, he said.

The facility enables customers to remit the premium through mobile phones, using the mobile number and MMID (mobile money identifier) of the company.

With increasing mobile phone subscriber base, pay-by-phone systems could become an effective tool to realise financial inclusion, Mr. Srinivasan said.