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ICICI Prudential Life Insurance eyes rural market

ICICI Prudential Life Insurance eyes rural market
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First Published: Tue, Jan 08 2008. 04 06 PM IST
Updated: Tue, Jan 08 2008. 04 06 PM IST
Kochi: Leading private insurance company, ICICI Prudential Life Insurance has identified India’s rural areas as the next big opportunity and proposes to further stregthen its presence in the villages, a top ICICI official said today.
Poonam Bhardwaj, Senior Vice President, Customer Service and Operations, ICICI Prudential Life Insurance, told a press meet here that about 45% of Indian household incomes come from rural areas and 50% of rural income comes from the non farm sector.
To tap the rural market, the company has developed a multi channel distribution network to increase touch points. It has established 260 micro offices in tehsils and districts across key states, appointed over 20,000 advisors dedicated to the rural segment and has tied up with leading Regional Rural Banks, Micro Finance Institutions (MFI)s and NGOs.
The company has also created a strong service infrastructure to ensure that the rural customer enjoys the highest level of service experience.
Poonam Bhardwaj said there are huge opportunties in the life insurance sector as only a third of the target propulation of 400 million had been covered and added that the company, the ‘largest private life insurer in the rural segment,´ had crossed the one million policies milestone.
The Rural Business Channel (RBC) launched in February last year has garnered over Rs100 crore business so far, she said. Business in the urban areas from April-november has touched Rs3,947 crore, she said.
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First Published: Tue, Jan 08 2008. 04 06 PM IST