Latest partnership enables company to offer over 10,000 touch-points to consumers for premium payment
ICICI Prudential Life Insurance announced its strategic partnership with Punjab National Bank (PNB), today. This partnership will enable ICICI Prudential Life policyholders to make their premium payments through cash, cheque, demand drafts or direct debit (for PNB customers) across the banks 4,600 branches. ICICI Prudential Life?s consumers can now walk into any of PNB?s 4,600 branches across the country to make their premium payments. During the first phase, the service will be made available in Punjab, U.P. Uttaranchal, Haryana and West Bengal.
Keeping in tune with it's customer centric philosophy, ICICI Prudential Life initiated the partnership with Punjab National Bank, to provide its customers the convenience of utilizing the vast network of the bank within the country. Customers can now walk into any bank branch in the country, produce their acknowledgement letter/renewal premium notice and policy number and make their premium payments in cash, cheque, through demand draft or direct debit.
Speaking on the occasion, Ms. Anita Pai, Executive Vice President, Customer Service & Technology, ICICI Prudential Life Insurance, said, ''We have always believed in offering consumers with products that will help them meet their long-term financial goals conveniently. Our service infrastructure is built to enhance their overall experience with us and to enable them to reach out to us easily. Our strategic partnership with Punjab National Bank is a significant step in this direction, as it will enable our consumer access the wide network of the bank to pay their premiums at locations easily accessible to them and in a mode that they are most comfortable in.''
On this occasion, Mr. Ashwani Kumar, Deputy General Manager, Punjab National Bank, said,''We are happy to partner with ICICI Prudential Life, India?s leading life insurer, and extend our service portfolio to include collection of insurance premiums through our over 4,600 branches in the country. Our partnership will help the insurance major in penetrating further in the semi-urban and rural locations where the need for insurance is growing. This partnership will provide consumers, premium payment facility at a location closer to them at no extra cost.''
With the partnership with PNB in place, ICICI Prudential Life now offers consumers over 10,000 touch-points across the country to make their premium payments. This is in addition to the 25 premium payment gateways it has established for its customers. ICICI Prudential Life has also leveraged technology towards providing customers the option to make their premium payment through Interactive Voice Response, internet and their mobile phones, apart from the traditional payment channels like cash, cheque or ECS.
Today, ICICI Prudential Life has established a strong network of its branches, corporate agents and advisors to help consumers reach them, whenever and however they may feel convenient. In addition to this, the company has also entered into tie-ups with local institutions in key states to leverage their strong reach in tier 2 and tier 3 cities and help consumers interact with them through a facility they are familiar with. Some of these strategic partnerships include:
- Tie-up with South Indian Bank in Kerala
- Tie-up with Bank of Rajasthan in Rajasthan
- E-governance initiative of the government of Rajasthan (e-mitra),
- E-governance initiative with government of Andhra Pradesh (AP Online)
- Tie-up with Suvidha Infoserve Ltd. in over 3500 centres across India
- Tie-up with Karnataka Bank in Karnataka
- Tie-up with Federal Bank in Kerala
- Tie-up with Sify iway
- Tie-up with Department of Posts in some of the key states of the country
About ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential plc. It was one of the first players to commence operations when the insurance industry was opened to the private sector in 2000. For the nine month period ended December 31, 2008, the company garnered Rs. 9,918 crores of total premiums and has underwritten over 8 million policies since inception. The company has a network of 2,099 offices and 272,920 advisors. For the past eight years, ICICI Prudential has maintained its leading position amongst life insurers in the country, with a wide range of flexible products that meet the needs of the Indian customer at every step in life. To know more about the company, please visit www.iciciprulife.com.
Except for the historical information contained herein, statements in this release which contain words or phrases such as ''will'', ''would'', ''aim'', ''will likely result'', ''believe'', ''expect'', ''will continue'', ''anticipate'', '''estimate'', ''intend'', ''plan'', ''contemplate'', ''seek to'', ''future'', ''objectives'', ''goals'', ''project'', ''should'', ''will pursue'', and similar expressions or variations of such expressions may constitute ?forward looking statements?. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to ICICI Bank?s ability to successfully implement its strategy in the field of insurance, our growth and expansion, technological changes, investment income, cash flow projections, our exposure to market risks as well as the other risks detailed in the reports filed by ICICI Bank (joint promoters of ICICI-Prudential Life Insurance Company Limited) with the Securities and Exchange Commission of the United States. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.