IDBI Bank to distribute Tata-AIG products
By Our Correspondent | 06 Oct 2001
Mumbai: The IDBI Bank-promoted corporate agency, IDBI Bank Insurance Consultancy Service, will distribute Tata-AIGs general insurance products through its various channels, including the banks ATMs.
The first product to be distributed will be Tata AIGs personal accident cover, Futureguard. This is a simple product and does not require much explaining to be done, said Tata-AIG MD Dalip Verma. To begin with, customers will have the option of depositing the proposal form along with the cheque at two dedicated ATMs, at Nariman Point and Prabhadevi, Mumbai. Later on, the bank plans to allow customers to key in instructions at most of the ATMs authorising instant debit with the ATM.
IDBI Bank MD Gunit Chadda said the bank already has a sizeable business in distribution of financial products such as mutual funds and RBI bonds. We are looking at insurance as a key area and is training our employees towards this end. We, however, have not taken any decision on distribution of life insurance products yet.
He said as and when insurance regulations allow intermediaries to distribute the products of multiple companies by allowing brokerage firms, the bank would look at the brokerage business.
