The network allows customers to buy a policy at the store and get insurence certificate within five minutes

Future Generali, the insurance joint venture between India’s Future Group and Italy’s Generali, is betting high on mallassurance channel, which was introduced by the company with the key objective of capitalising on the over 2 crore unique footfalls the Future Group retail outlets across the country receive every year.

“Between April and October, 2010, Mallassurance has seen a 23 per cent MoM (month on month) growth in terms of lives covered with 1,66,168 policies sold at stores and a 25 per cent increase in premium collected YoY (year on year) at the store level,” Atul Mehta, head Mallassurance, Future Generali, said.

It all had started with just 11 Pantaloon outlets in May ’09 and has now expanded to 165 stores in 53 cities. Future Generali is now focusing on expanding the Mallassurance network to cover more retail outlets.

“We have adapted our systems and processes to ensure customers can buy a policy at the store and get the insurance certificate issued within 5 minutes. The model we have adopted for Mallassurance is to acquire (at the store), maintain and upsell (telesales and direct). Our average daily leads in this financial year have increased from less than 200 to over 450 per day. The closure rate, through the Mallassurance leads, has gone up to almost 5 per cent netting Rs 16 crore for April-October ’10,” Mehta said.

“On the claims side, the experience has been very encouraging for the company and the clams in personal accident policies have been settled well under set TAT,” he added.

The average ticket size for life products sold through Mallassurance is Rs 18,495 for Apr-Oct ’10, registering 20 per cent increase, primarily due to an increased focus on pension products and unit-linked insurance plan.

“One of our key focus areas for next few months will be high net worth individual customers and to make the stores an insurance destination,” Mehta said.

More products in offering are over the counter home insurance, extended warranty etc.

source :- mydigitalfc