In what could be a significant boost to its distribution network, private sector insurer Future Generali plans to enter into a partnership with Future Group to sell its insurance products at retail stores such as Big Bazaar and Easyday.
“The partnership with Big Bazaar and Easyday will be like any corporate agency. They will have access to customer databases and they will sell to their customers in the store, either digitally or otherwise,” said Munish Sharda, Managing Director and CEO, Future Generali India Life Insurance (FGILI), adding that it is likely to be launched soon.
The insurer is also working to simplify insurance products across life and non-life segments and is developing some new, easy-to-understand products for this venture so that the customer can buy it easily at the retail store.
“We are looking at the full life cycle of customers and the products he/she may need – health, protection, savings, equipment insurance, and home insurance. We are trying to sell the products in sachets and sell it at the stores across life- and non-life categories,” Sharda told BusinessLine, adding that some of these will be existing products that have been re-packaged, while others would be new ones.
The insurer is also working on point-of-sale products that are extremely easy to buy and so can be sold easily in the stores.
FGILI is a three-way joint venture between Future Group, Generali Group and Industrial Investment Trust Limited. Expressing optimism about the company’s business prospects, Sharda said that it aims to grow two-and-a-half-to-three times its current size in the next three years.
It is opening about 15 branches, and is also expanding its agency footprint.
“This year has so far been a reasonably good year for us across all our channels of distribution and new business growth. We are growing at about 30 per cent this year, and we will continue to grow in that range, going forward,” said Sharda, adding that the insurer is targeting a premium income of ₹1,200 crore to ₹1,300 crore in 2018-19.