India Post Will Disrupt Insurance Market; Becomes Corporate Agent For Bajaj Allianz Life!
India Post joins Amazon, Flipkart and Paytm and jumps into the insurance sector.
Insurance and financial products market in India is now all set to witness another major disruption – This time, it is India Post which has jumped into the market.
As per reports coming in, India Post Payments Bank, which has just been officially launched, will sell Bajaj Allianz Life’ insurance products now.
Which other major companies have become insurance agents? And how will India’s Posts’ entry change the market dynamics?
Keep reading to know more!
India Post Enters Insurance Niche in India!
World’s largest postal network: India Post has now officially jumped into the lucrative insurance sector, and the market is abuzz with possibilities.
India Post Payments Bank has entered into an agreement with Bajaj Allianz Life Insurance, wherein India Post will become a corporate agent of the later, and sell insurance products.
To start with, 3250 post offices have been identified from where insurance products will be sold to India Post Payments Bank users. Soon, this will be expanded to 1.5 lakh post offices, spread all length and breadth of India.
As per the existing regulations of Payments Bank, India Post can sell products of three life, non-life and standalone health insurers each.
As per some reports, India Post will specifically target three types of insurance policies to start with: comprehensive life insurance cover with accidental permanent total and partial disability benefit and accelerated critical illness.
Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance said, “We are confident that the strength of their network coupled with our expertise will work to increase awareness about life insurance, and help many more Indians leverage the benefits of life insurance to achieve their life goals through affordable solutions.”
Insurance Sector Warms Up: These Are The Major Players Now!
India Post Payments Bank, which was launched on 1st September, is not the first non-insurance specific company to join the bandwagon.
Yesterday we had reported that Amazon India will now start selling insurance policies in India, as it aims the $280 billion insurance market.
Paytm has already launched their Paytm Money app, which sells mutual funds to their wallet users. Very soon, they will also start selling insurance policies, as they have devised their own credit score.
Flipkart too is planning to sell insurance policies in India, as they have now Walmart to backup their ambitious plans.
While Amazon is banking on their wallet Amazon Pay to attract customers into their new insurance offerings, India Post will be pitching to their India Post Payments Bank customers, and Paytm already has millions of users of their wallets.
Flipkart will be trying to convert their PhonePe customers into insurance customers.
With mobile and internet defining our money spending habits, it would be really interesting to observe how these new-age financial companies turn the tables.
We will keep you updated, as we receive more information.