ICICI Pru Life's rural push - micro offices and biometric cardsICICI Prudential Life Insurance plans to cater to the rural market using a mix of biometric smart cards and micro offices.
Apnainsurance.com Research Bureau
14 Feb 2008
ICICI Prudential Life Insurance plans to cater to the rural market using a mix of biometric smart cards and micro offices.
The insurer plans to increase its rural penetration using smart cards in collaboration with the various e-governance initiatives in the states, such as APOnline in Andhra Pradesh and e-mitra in Rajasthan.
These biometric smart cards will ensure that the policy holder can carry all information and transactions regarding the policy on the card instead of documents. The customer need not go to the branch for any transactions or finding out details. Instead he/she can go to the nearest Financial Information Networks Operation (FINO) Fintech access point, swipe the card for authentication, and do the transaction. The insurer has already introduced these cards for rural customers three months ago in selected places in Punjab and Andhra Pradesh. Around 50 FINO Fintech points are at present available for transactions.
The insurer is also looking at increasing the number of its micro offices i.e., offices in rural areas to increase its visibility. Of its 750 offices at present, nearly 250 are micro offices situated in Punjab, Gujarat, Andhra Pradesh, Kerala, and West Bengal. It intends to increase this figure to around 400 by the end of this fiscal year.