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Public sector lender Indian Bank, in collaboration with United India Insurance Company Ltd (UIIC), has launched a web portal for its co-branded mediclaim group insurance policies, expecting the commission earnings to cross Rs 20 crore from the product.
The company has also announced it shall extend the online facility to other policies too as part of its plans to increase its reach and make its offerings customer-friendly.
Indian Bank chairman and managing director T M Bhasin and UIIC chairman-cum-managing director Milind A Kharat today jointly announced the offering of the co-branded product Arogya Raksha Group Mediclaim Insurance Policy which it has been offering since 2006.
The Indian Bank has mobilised a non-life business for UIIC, amounting to Rs 31 crore during 2012-13, earning a fee-based income of Rs 3.23 crore. So far, the entire operation was predominantly manual,which was time consuming for the receipt of policy documents, TPA cards, policy renewals and tax exemption certificates.
Bhasin said, Indian Bank has a clientele base of about 30.7 million and about 515,000 customers are already online, using net banking facilities, and another 125,000 customers use mobile banking channel.
The bank is planning to add around 10,000 online policies during the year through the portal and expects to receive over Rs 20 crore in the commission earnings.
