Mumbai: Life Insurance Council, the industry body of all life insurance companies in the country, said on Friday that it has signed a Memorandum of Cooperation (MoC) with the German Insurance Association (GDV).
"Our association with GDV would be beneficial to the life insurance industry in India. We hope to adopt best practices in our respective countries," Life Insurance Council secretary general V Manickam said in a release.
The MoC would act as a platform to exchange information and discuss matters of common interest pertaining to the insurance industry.
The industry bodies will conduct employee exchange programmes, through which representatives from Life Insurance Council and GDV will visit each other's country.
"It will give us opportunities for joint research and study activities, besides setting up regional offices. This will strengthen not just our association, but also our member companies," GDV president Rolf-Peter Hoenen said.