Reliance Life Insurance plans to tap Reliance Communications' 2.5-crore telephony subscriber base to market its products.
The company is considering a series of options to leverage its relationship with Reliance Communications.
"We could have a joint marketing campaign, a joint product offering, or we may simply mine the data base to send mailers or make calls to Reliance mobile customers," said Mr K.V. Srinivasan, Chief Operating Officer, Reliance Life Insurance.
However, a joint product or a co-branded solution would require approval from the Insurance Regulatory and Development Authority, he added.
Customers of RWorld, the information and entertainment portal of Reliance Communications, would also be able to pay premiums through a bank account, provided the bank is listed on the network.
Reliance Life Insurance officials, however, offered no comment when asked whether there would be an arrangement for payment of commission to Reliance Communications.
As an alternative channel for distribution, insurance companies usually tie up with banks. In the case of bancassurance, where there is a corporate agency tie-up, the commission could range from 5 per cent to 40 per cent of first-year premium depending on the commission loaded on to the product at the time of registration with IRDA.
Mr P. Nandagopal, CEO, Reliance Life, said that the company hoped to break even by 2009-2010.
It registered a growth of 627 per cent in Q1 of the current fiscal, its new business premium touching Rs 132 crore.
Reliance Life Insurance Advisor :- Dhaivat Trivedi For More Detail :- ADDRESS RELIANCE LIFE INSURANCE CO. LTD. PERFECT POINT, 2nd floor, DR YAGNIK ROAD OPP RAM KRISHNA ASHRAM RAJKOT. - 360002 Tel : 0281 3018008 ,0281 3018009, 0281 3018010, 0281 3018012
The company is considering a series of options to leverage its relationship with Reliance Communications.
"We could have a joint marketing campaign, a joint product offering, or we may simply mine the data base to send mailers or make calls to Reliance mobile customers," said Mr K.V. Srinivasan, Chief Operating Officer, Reliance Life Insurance.
However, a joint product or a co-branded solution would require approval from the Insurance Regulatory and Development Authority, he added.
Customers of RWorld, the information and entertainment portal of Reliance Communications, would also be able to pay premiums through a bank account, provided the bank is listed on the network.
Reliance Life Insurance officials, however, offered no comment when asked whether there would be an arrangement for payment of commission to Reliance Communications.
As an alternative channel for distribution, insurance companies usually tie up with banks. In the case of bancassurance, where there is a corporate agency tie-up, the commission could range from 5 per cent to 40 per cent of first-year premium depending on the commission loaded on to the product at the time of registration with IRDA.
Mr P. Nandagopal, CEO, Reliance Life, said that the company hoped to break even by 2009-2010.
It registered a growth of 627 per cent in Q1 of the current fiscal, its new business premium touching Rs 132 crore.
Reliance Life Insurance Advisor :- Dhaivat Trivedi For More Detail :- ADDRESS RELIANCE LIFE INSURANCE CO. LTD. PERFECT POINT, 2nd floor, DR YAGNIK ROAD OPP RAM KRISHNA ASHRAM RAJKOT. - 360002 Tel : 0281 3018008 ,0281 3018009, 0281 3018010, 0281 3018012
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