Tata AIG signs pact with Kerala-based firm
Thursday, 06 March 2003, 20:30 IST
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THIRUVANANTHAPURAM: Tata AIG Life Insurance, a private sector joint venture between India's Tata group and American International Group, Wednesday entered into a pact with a Kerala-based firm to sell insurance products. As part of the agreement, Muthoot Pappachan Group will sell the Tata AIG life insurance products in Kerala and Tamil Nadu. Muthoot Pappachan Group, a leading player in the financial services market in Kerala, has 240 branches in different parts of the state. "We will sell all the insurance products of Tata AIG and we aim to become a one stop shop for the financial needs of Keralites," said Thomas John Muthoot, managing partner of Muthoot Insurance Service. "Our aim is to increase the life cover of people in Kerala," he added. Ian Watts, managing director of Tata AIG Life Insurance, said since Muthoot Pappachan Group has an extensive branch network all across the state, it would serve the people of Kerala in a much better way. "One major advantage for all those who have American International Group insurance products especially from the Middle East is that they could get service from any of the Muthoot branches," said Watts. "There could be a short delay in processing of the papers due to logistical difficulties. But we would pay up the claim in a matter of 30 days." Watts said the insurance market in Kerala offers huge potential for life insurance companies, as the number of insured people in the state is very low.
Source: IANS
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