Tier 2 banks cater to the variety of retail depositors most of who are in the informal sector and do not earn regular structured income. This segment is estimated to be the largest demographic in the next 20 years.
Problem
This demographic is generally ignored by the traditional insurance companies. They therefore did not have insurance policies that catered to their peculiar needs. The banks therefore requested a product that will be best suited to the needs of their depositors.
Solution
MIC introduced a deposit linked offering bundled insurance offering called Fearless Insurance which is sold to the customers of these banks on a voluntary basis. Benefits include death, permanent disability, hospitalization and maternity.
Implementation
MIC distributes this deposit linked offering solution throughout the banking halls of various partners via sales agents who are strategically placed in the banks so that they are close to the customers.
Results
A satisfied customer base who have purchased over 10,000 policies since the introduction of the Fearless Insurance offering and a happy banking partner generating extra income through commissions.
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