ICICI Pru Life plans more tie-ups with NBFCs

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

Of its total retail insurance business, about 35 per cent comes from banks and corporate agents.

"Our aim is to keep this percentage intact in future. To sustain this growth, we are planning to tie up with a few reputed NBFCs," Tarun Chugh, chief (bancassurance, alliances and group insurance), ICICI Prudential Life Insurance Company, said.

ICICI Prudential currently sells retail insurance policies through 15 banks and 10 corporate agents. The company recently joined hands with three NBFCsto market its products.

"A majority of the commercial and scheduled banks have tied up with different insurance companies to sell their products. Hence, we are looking at reputed cooperative banks for selling our products," he said.

The company, which has been selling group insurance policies in metros, will now focus on non-metros. Last fiscal, its total premium collection through group insurance policies stood at Rs 820 crore and this year, it expects more than 10 per cent growth.

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