Kochi; May 2, 2002
 

 - Ramps up operations in Kochi - 

ICICI Prudential Life Insurance Company, India?s No.1 private life insurer, and Federal Bank, Kerala?s largest scheduled commercial bank, today announced their strategic tie-up for the distribution of life insurance products. ICICI PruLife financial service consultants (FSCs) can now approach Federal Bank customers, based on referrals from Federal Bank. This alliance expands ICICI PruLife?s reach to around 2 lakh customers across 30 Federal Bank branches in Kerala (Ernakulam, Alleppey, Kottayam and Trichur), and 30 in other cities -- Mumbai, Pune, Nasik, Ahmedabad, New Delhi, Lucknow, Chandigarh, Jaipur, Chennai, Kolkata, Bangalore and Hyderabad, including a large number of NRI customers.

The tie-up comes soon after ICICI PruLife launched its operations in Kochi in February this year. Over the past 2 months, the company has established a network of over 300 advisors and seen widespread awareness and acceptance of its products. Mr K P Padmakumar, Chairman, The Federal Bank, inaugurated the office of ICICI Prudential Life Insurance Company on M G Road today.

To know more about ICICI PruLife?s products & services, people in Kochi can contact:

ICICI PruLife Customer Services at Tel No. 384524

Addressing media persons at the occasion, Shikha Sharma, Managing Director, ICICI Prudential Life Insurance Company said, ?The two companies have come together with a shared vision to increase awareness of life insurance and highlight its importance in the financial goods basket of the common man. Our tie-up with Federal Bank throws open new opportunities, particularly in the vast southern market, in which we have already made a significant impact?.

?This strategic alliance with the ICICI PruLife is an extension of our philosophy to provide a complete range of financial solutions to our customers. By tying up with India?s leading private life insurer, we can assure our customers of not only a complete, innovatively designed product range, but also world-class service?, said Mr K P Padmakumar, Chairman, Federal Bank.

ICICI PruLife has a multi-channel distribution strategy to reach customers. In addition to advisors, tie-ups with and referrals through established banks are integral elements of the company?s goal to expand distribution. ICICI PruLife has distribution agreements with ICICI Bank, Bank of India, and Punjab & Maharashtra Co-operative Bank, and plans to expand its bancassurance model. The company also has national and local corporate agents -- Muthoot Group is the local corporate agent in Kerala. The company has tie ups with organisations such as BASIX, WorldVision, Dhan, CASPOR and Shepherd for distribution of products in social sector and rural markets.