Alternate Channels double ING Vysya Life's contribution

Bangalore, Oct 25 (UNI) Drawing up innovative plans to reach out life insurance to rural and semi-urban India, ING Vysya Life (IVL) today said its contribution to overall new premium collection through alternate channels doubled to Rs 112.19 crore during the first nine months of 2007.

Talking to newsmen here today, ING Vysya Life Director for Alternate Channels Rene Van der Poel said during the same period last year the collection was around Rs 60.4 crore.

He said Alternate Channels which included distribution of policies through ING Vysya Bank, Cooperative Banks and Corporate Agents besides Small Insurance Centres in semi-urban areas contributed to 25 per cent of the total new business of IVL, up from 20 per cent in 2006.

IVL has tied up with 120 Cooperative Banks with a reach of 18 million customers in over 2,100 branches to sell its insurance products.

IVL would position its own staff in these branches to sell the insurance products. He anticipated more Cooperative Banks to join the list this fiscal.

He said IVL offered a fine mix of both traditional and unit linked products for its Alternate Channel customers. The company currently had 21 life insurance products, including eight unit-linked products.

Referring to the latest product 'ING Positive Life', he said in a short span of two months it had garnered over 27,000 customers.

UNI