ICICI Pru Life plans more tie-ups with NBFCs

ICICI Prudential Life coverage Company is looking for more than tie-ups with NBFCs (non-banking fiscal companies) to increase its retail gross sales across the country.

Of its sum retail coverage business, about 35 per cent come ups from Banks and corporate agents.

"Our purpose is to maintain this per centum integral in future. To prolong this growth, we are planning to bind up with a few putative NBFCs," Tarun Chugh, main (bancassurance, confederations and grouping insurance), ICICI Prudential Life Insurance Company, said.

ICICI Prudential currently sells retail coverage policies through 15 Banks and 10 corporate agents. The company recently joined custody with three NBFCsto marketplace its products.

"A bulk of the commercial and scheduled Banks have got tied up with different coverage companies to sell their products. Hence, we are looking at putative co-op Banks for merchandising our products," he said.

The company, which have been merchandising grouping coverage policies in metros, will now concentrate on non-metros. Last fiscal, its sum coverage premium aggregation through grouping insurance policies stood at Rs 820 crore and this year, it anticipates more than than 10 per cent growth.

"We are eyeing respective non-metros like Visakhapatnam, Pune and have got identified clients in those cities," he said, adding the company was targeting 35-40 per cent concern from non-metros.