DIMAPUR, DEC 6 (MExN): Rural Nagaland will soon be educated on insurance packages. Birla Sun Life Insurance (BSLI) today announced its bancassurance tie-up with the Nagaland State Cooperative (NSCB) Bank.
The joint venture would mean that the private insurance company gets access to the data-base of the bank while the NSCB earns revenue by playing the role of a third party distributor. 40,000 customers of the bank can serve as potential customers of insurance packages.
The combine will initially target Dimapur, Kohima and Mokokchung and subsequently branch out to other districts after March 31 next year considered as the end of the fiscal year.
At a press conference held at the NSCB building, Dimapur, C Edward Pongener, Regional Manager of the four-year old insurance company defined the tie-up as a win-win situation and articulated on the need to tap into the rural market. S Sale, the managing director of NSCB said that the revenue earned by acting the role of facilitator would be ploughed back to the poorer sections of the society and added that the undertaking would also generate employment.
The NSCB had also felt the need to diversify into other areas of banking, a bank official said. If all goes well, the revenue earned could come to the tune of Rs 1 crore annually. Special insurance products are being designed to suit local rural needs, according to the BSLI.
Earlier, Chairman of NSCB HK Khulu had opined, “North-East India has vast untapped potential and the potential for insurance is even higher. We are hoping that the BSLI’s innovative products will meet the needs and expectations of our growing set of customers.”
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