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: in rural markets is beyond just social responsibility, as the model is turning out into a profitable business opportunity too, says Pranav Prashad, head of Agriculture and Rural Business Group, ICICI Lombard General Insurance
The growing risks in such an evolving marketplace have highlighted the need for insurance in micro-finance segments. “We are confident that these growing sectors will provide great opportunity for penetration of insurance products,” he explains
The protection provided to the rural class is specified and customised in alignment with their requirement and as per their needs. “Through a multiple channel system, we not only provide weather insurance but also health, motor, and other related covers,” he adds. The insurers agree that micro-insurance is a business that needs investment, both in terms of time and money. The insurers feel that a fairly priced product, customised to the local requirement, and administered through a mutually trusted organisation can give good results.
Progressive regulation has been announced by Irda to focus on this segment. It envisages the emergence of a micro-insurance agent with far less stringent training requirements for sales of this product. In addition, MFIs, NGOs, and SHGs can become micro-insurance agents for the spread of these products.
According to an official of IFFCO Tokio Marine General Insurance, with the retail market booming, the line of difference between the urban and the semi-urban land mass would fast recede. A robust IT system for data and customer services, including processes like settlement of claims and policy issuance, is a necessity. Hence, to spread our network across the huge Indian landmass keeping the cost and logistics requirements in view is a major challenge. “We have had adopted various differential distribution models across the country to reach out to our customers and help them enjoy and experience world-class facilities and services from a distant land,” he said....
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