ICICI Pru Life ties up with Federal Bank
Our Banking Bureau
3 May 2002

Kochi: ICICI Prudential Life Insurance Company has entered into a strategic tie-up with Federal Bank for distributing life insurance products.

The tie-up comes in the wake of ICICI Pru Life launching its operations in Kochi in February 2002. Over the past two months, the company has established a network of over 300 advisors and has seen widespread awareness and acceptance of its products, says ICICI Pru Life managing director Shikha Sharma.

ICICI Pru Life financial service consultants can now approach Federal Bank customers, based on the referrals from the bank. This alliance expands ICICI Pru Life’s reach to around 2 lakh customers across 30 bank branches in Kerala and 30 in other cities, including a large number of non-resident Indian customers.

“The two companies have come together with a shared vision to increase awareness of life insurance and highlight its importance in the financial goods basket of the common man. The tie-up with Federal Bank throws open new opportunities, particularly in the vast southern market,” says Sharma.

Federal Bank chairman K P Padmakumar says the network of branches, for distributing insurance products, will be increased in due course and the bank will fix an individual target for each branch manager as soon the expansion of network is completed.

“This strategic alliance with ICICI Pru Life is an extension of our philosophy to provide a complete range of financial solutions to our customers. By tying up with India’s leading private life insurer, we can assure our customers of not only a complete, innovatively-designed product range, but also world-class service,” says Padmakumar.

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