CHENNAI: State-run Indian Bank and United India Insurance Company (UIIC) have joined hands to launch a webportal offering online entry and renewal of group insurance policies.
Indian Bank Chairman and Managing Director T M Bhasin and United India Insurance Company Chairman and Managing Director Milind A Kharat launched the portal here today.
Indian Bank has been offering a Arogya Raksha Group Mediclaim Insurance Policy to its customers since 2006. This is a floater policy offered at high premium, a bank statement said.
"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", it said.
Till now the entire operation was done manually consuming huge time. To move towards a more customer friendly business model, Indian Bank and UIIC have developed this web portal which will offer online entry/renewal (of policies) among other services, the statement added.
"The introduction of web portal will add momentum to alternate channels besides enabling us to harnes the CBS technology for adding business volumes," Bhasin said.
To a query he said the Bank proposes to add about 10,000 online policies through the portal during this year and generate over Rs 20 crore in commission earnings. This online facility would be extended to other policies also, the statement added.