ICICI Lombard announces tie up with Muthoot Group

By Our Banking Bureau | 07 May 2004

Kochi: ICICI Lombard has announced a tie up with Muthoot Group for distribution of its products in Kerala. ICICI Lombard, is launching insurance kiosks in South India

Addressing a press conference in Kochi, ICICI Lombard regional director K Bharathan said, ``The trials are over and the first such kiosk will come up in Chennai by the end of this month,'''' The insurance kiosk functions almost like an ATM and the customers, particularly travellers, can access it anytime for taking a policy.

The company, is also introducing insurance cover for school children and college students studying professional courses. The policy is devised in such a way that it ensures that education is not be broken. In case of accidental death, the guardian will get compensation equal to the tuition fees.

Bharathan said the company is expecting a business volume of Rs1,000 crore this year. Last year, it had made a profit before tax of Rs42 crore on a turnover of Rs506 crore.

After signing an MoU with ICICI Lombard, George Alexander Muthoot, managing director, disclosed that the Muthoot Group, with 350 branches in the country, will distribute all the 212 products of ICICI Lombard. . The group has already been functioning as the corporate agent of ICICI Prudential Life Insurance for the last two years. With a premium income of Rs 6crore last year, it has become the third largest distributor of ICICI Prudential products in the country. George Alexander Muthoot is expecting a similar income for the ICICI-Lombard products also.

George Jacob Muthoot, joint managing director, said, the staff has already been trained in marketing insurance products.