Tailored Insurance Solutions for Cooperative Bank Customers

For the past few years, insurers have been exploring newer ways to sell more insurance and increase coverage in rural areas, where insurance penetration is lacking. One great way to do this is by tying up with cooperative banks. Many insurers are doing this and the results so far have been excellent. From selling group personal accident insurance policies for low-income groups to individual life term policies, insurers can provide great tailored insurance solutions to the unique needs of cooperative bank customers.

Who are cooperative bank customers?

Most cooperative bank customers live in rural India where insurance is a rarity. Therefore, it is a great idea for insurers and cooperative banks to collaborate and provide insurance for the uninsured. Also, the banks can help insurers understand rural India’s peculiar insurance needs, so they can offer them tailored insurance solutions that they will be more likely to buy.

Here are some peculiar insurance needs of cooperative bank customers:
Property & Asset Insurance – Under this, home insurance can be provided to protect homes as most people in rural India are homeowners but don’t have insurance that will protect them against natural calamity, fire, theft, etc. Equipment and business insurance can also be provided to protect small businesses and their equipment as entrepreneurship in rural India is agriculture-based.

Loan Protection Insurance – Many farmers take drastic steps when they cannot pay up the loans they take for agricultural activities. To prevent this, cooperative banks and insurers can provide credit insurance, covering their loan in case of drought, crop failure, natural calamity, etc. Mortgage insurance can protect assets like their home and agricultural land.

Retirement & Pension Plans – Retirement and pensions have been an alien concept in rural India. Most people in their old age are dependent on their children for financial support, which is not a good thing. Cooperative banks can educate their customers and urge them to invest in retirement and pension plans so that they can have a financially secure old age.

Group Insurance Policies – Most cooperative bank customers usually belong to a rural community where they are all friends or are connected through tribe, caste, or creed. These communities can be offered insurance policies like group medical cover, group life assurance, etc. The main advantage of such policies is that everyone gets insurance and that too at affordable rates as it is a group cover.

Insurance for Women – Women in rural India constitute a larger portion of the uninsured population. Cooperative banks and insurers can take this opportunity to empower these women by creating tailored policies just for them. Health insurance that covers maternity issues and other women-related conditions is one example of a tailored policy. To encourage education and entrepreneurship, policies that cover studies and protect business can be created.

To know more about the various tailored insurance solutions like group life term assurance policies, group personal accident policies, and more, insurers and cooperative banks can create for their customers, consult Money with Mansy. We have engineered many such successful collaborations and can help your business and your customers too. Contact us today to start a mutually beneficial partnership.