India Post Payments Bank (IPPB) on Monday said it has entered into a strategic alliance with Bajaj Allianz General Insurance for distribution of the insurer’s products across the country.
IPPB will strive to make available affordable insurance products through its network of 650 branches and over 1,36,000 banking access points to citizens. The scope of products will include healthcare and medical products, personal accident and motor insurance, it said in a release.
Nearly 2 lakh postal service providers (Gramin Dak Sevaks and postmen) equipped with micro-ATMs and biometric devices will play an important role in distribution and promotion of the insurance products, focusing especially on unbanked and underserved customers at the last mile.
MD and CEO of IPPB J. Venkatramu said the strategic partnership with Bajaj Allianz will go a long way in helping realise the vision of fulfilling varied financial needs of the customers with affordable and accessible solutions. “Through this tie-up, we have further strengthened our insurance portfolio offerings and hope to add more products in the future that will ensure financial well-being for our customers,” he said.
MD & CEO of Bajaj Allianz General Insurance Tapan Singhel said “India Post Payments Bank has been a pioneer in catering to banking services in India, especially with their robust doorstep banking network. We enthusiastically look forward to offering customer-centric insurance solutions backed by technology innovations to every part of India along with providing a seamless customer experience in partnership with the bank.”
