Date:01/08/2005 URL: http://www.thehindubusinessline.com/2005/08/01/stories/2005080100541500.htm

Back KSFE to sell National Insurance products

Vinson Kurian

Thiruvananthapuram , July 31

THE State Government-owned non-banking finance company Kerala State Financial Enterprises (KSFE) has entered into an agreement with National Insurance Company Ltd by virtue of which it would be made a Corporate Agent for the general insurance major.

Mr K.B. Sudheer Kumar, Managing Director, KSFE, and Mr M.P. Ramkumar, Senior Divisional Manager, National Insurance, Thiruvanantha- puram, signed the memorandum of understanding at Thrissur the other day.

Also present on the occasion were Mr K.P. Nurudeen, Chairman, KSFE, and Mr Gopi Panikkar, Deputy Manager (Marketing), National Insurance, Kochi.

The tie-up will result in the creation of a single-window arrangement in the sense that a customer visiting the KSFE branch can hope to fulfil non-banking financial as well as insurance services at the same time and place.

Both KSFE and National Insurance will effectively utilise the existing manpower and office space in a mutually beneficial manner. They have also agreed to chart out a broad strategy for marketing of the general insurance products.

KSFE customer and members of the general public will now be able to service insurance products for vehicles, fire, personal accident and mediclaim through the 234 branches of KSFE spread across the State.

KSFE will route the application to the Insurance Regulatory and Development Authority (IRDA) through National Insurance for requisite permission to operate as a Corporate Agent for distributing general insurance products.