Postal Bank in India sells Insurance Policies, when will it happen in Nepal?

Kathmandu: Non-life insurance companies in India have started collaborating with the Postal Bank of India to sell insurance policies.Less than two days after the announcement of partnership by Bajaj Alliance Insurance, Tata AIG General Insurance Company has also announced a strategic partnership with the Postal Bank of India.

Postal Bank will sell non-life insurance plans through 650 branches and 136,000 sales outlets spread across the country. In addition, 200,000 post offices will be used to issue insurance plans at the doorsteps of the general public.

Biometric devices and micro ATMs have been provided to the postmen. Through which they can collect the details of the insured at home through ITC and provide the printed copy of insurance policy to the insured immediately through portable printer.

The postal bank will sell health insurance, personal accident, motor insurance and other specialized insurance plans through postal banks, especially among rural consumers, Tata AIG General Insurance said in a statement.

Is it possible in Nepal too?

The Insurance Board has issued special arrangements for institutional agents a few months ago. According to the law of Nepal, an organization registered to conduct insurance agency services can obtain the license of an institutional agent from the Insurance Board by completing a certain process. Thus, after obtaining the license, life or non-life insurance companies will be able to sell insurance plans.

With the increasing use of information technology, the Department of Postal Services, which is struggling to survive through alternative services, can launch insurance agent services in Nepal too through the network of its Postal Bank. For this, the Department of Postal Services should mention the insurance agency service in its MoA and AoA.

Is the technology available?

It is possible for the agent or postman to enter all the details of the insured in the information technology through the hand device by reaching the doorstep of the public at any place where the mobile network is accessible. Also, they can enter all the information of the insured in offline mode even when the mobile connection is not available. Later the information can be transferred from the place where mobile network is available.

Based on the information related to the insured and the insurance risk entered in the portable device, the insurance company can evaluate and issue insurance policy up to a certain Sum Assure immediately through online medium.

Private sector telecommunications service operator  Ncell Axiata Limited launched the  service ‘Field Force Automation’ two years ago targeting non-life insurance companies. Non-life insurance companies have used this technology for agricultural and animal insurance.

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