Chennai, July 28 (UNI) Cholamandalam MS General Insurance Company Limited (Chola MS), a joint venture between Murugappa Group and Mitsui Sumitomo Insurance of Japan, today announced a tie-up with the Council of NGOs in Rural India (CNRI) to reach out to the rural market.
The CNRI network would promote General Insurance products such as personal accident insurance, health insurance, tractor insurance, property insurance and composite products from the Chola MS stable.
Chola MS expected Rs 10 crore GWP from this initiative in the first year and going ahead this would form the backbone of Chola MS thrust in the rural areas, a company release said here.
CNRI has a network of over 4,000 NGOs across the country. In the first phase, the tie-up would roll out in the states of Tamil Nadu, West Bengal and Uttar Pradesh. Depending on its feasibility and success, it would be extended to other states as well, it said.
Speaking on the occasion, Mr S S Gopalarathnam, Managing Director, Cholamandalam MS, said ''in India, 72 per cent of the population resides in rural areas, where the market penetration for general insurance is very low.'' ''This tie-up with CNRI is an apt platform to reach our insurance products to the rural areas. Customers in the rural area will now have ready access to insurance solutions from Chola MS,'' he said.
UNI WS DS 1607