Bangalore, Nov 05: ING Vysya Financial Services Ltd today announced that it would distribute custom designed non-life insurance products of Royal Sundaram Alliance Insurance Company Ltd to its customers across the country. ING Vysya has a customer base of over three million in about 500 outlets in the country and aimed to cover 20 per cent of customers in the next three years, ING Vysya Bank Managing Director and Chief Executive Officer Bart Hellemans told reporters here.
He said the two companies have been working on a number of pilot projects over the last 18 months, providing insurance to loan customers and account holders of the bank, including its recently launched ‘Orange’ account.
Royal Sundaram Managing Director Micky Brigg said the focus was on the need for insurance for the traders and small business segment.
"Our pilot projects have been successful in that we already insured over 76,000 bank customers. Through this partnership, we aim to cover at least 20 per cent of the bank's customers in the next three years," Brigg said.
Royal Sundaram, in its third year of operations, insured over 4 lakh customers.
It has achieved a gross premium of Rs 184 crore as on March 31, 2003, and aims to target Rs 280 crore in premium income this fiscal. As on date, Royal Sundaram has written a gross premium in excess of Rs 150 crore, officials said.
Bureau Report