 "Indian Bank in pact with United India")
Public sector lender Indian Bank, in collaboration with United India Insurance Company Ltd (UIIC), has launched a web portal for its co-branded mediclaim group insurance policies, expecting the commission earnings to cross Rs 20 crore from the product.
The company has also announced it shall extend the online facility to other policies too as part of its plans to increase its reach and make its offerings customer-friendly.
Indian Bank chairman and managing director T M Bhasin and UIIC chairman-cum-managing director Milind A Kharat today jointly announced the offering of the co-branded product Arogya Raksha Group Mediclaim Insurance Policy which it has been offering since 2006.
The Indian Bank has mobilised a non-life business for UIIC, amounting to Rs 31 crore during 2012-13, earning a fee-based income of Rs 3.23 crore. So far, the entire operation was predominantly manual,which was time consuming for the receipt of policy documents, TPA cards, policy renewals and tax exemption certificates.
Bhasin said, Indian Bank has a clientele base of about 30.7 million and about 515,000 customers are already online, using net banking facilities, and another 125,000 customers use mobile banking channel.
The bank is planning to add around 10,000 online policies during the year through the portal and expects to receive over Rs 20 crore in the commission earnings.
The company has also announced it shall extend the online facility to other policies too as part of its plans to increase its reach and make its offerings customer-friendly.
Indian Bank chairman and managing director T M Bhasin and UIIC chairman-cum-managing director Milind A Kharat today jointly announced the offering of the co-branded product Arogya Raksha Group Mediclaim Insurance Policy which it has been offering since 2006.
The Indian Bank has mobilised a non-life business for UIIC, amounting to Rs 31 crore during 2012-13, earning a fee-based income of Rs 3.23 crore. So far, the entire operation was predominantly manual,which was time consuming for the receipt of policy documents, TPA cards, policy renewals and tax exemption certificates.
Bhasin said, Indian Bank has a clientele base of about 30.7 million and about 515,000 customers are already online, using net banking facilities, and another 125,000 customers use mobile banking channel.
The bank is planning to add around 10,000 online policies during the year through the portal and expects to receive over Rs 20 crore in the commission earnings.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%