Future of Insurance by Future Retail Group. That’s future thinking
So many “FUTURES”, aren’t they. This isn’t only going to affect the Future Generali or Future Retails or Kishore Biyani but also the whole insurance industry where Big Bazaar is established. This step can step up sales. I was exactly talking about these kind of steps where you need to think out of the box. Suppose you sell grocery and buy grocery for so in so money and get so insurance free. That’ll be fun instead of giving forms for cards which you usually use. Thou the thing is different here but we expect to see a lot of momentum if it truly goes in the way.
Kishore Biyani’s Future Retail plans to apply for a corporate agency licence to sell insurance policies to anyone walking into the group’s hypermarkets and retail stores.About 32 crore people visit the group’s Big Bazaar and other retail outlets every year and the count is rising.
Selling insurance through its stores is a natural course for the Future Group, which holds majority stakes in two ventures -Future Generali India Life Insurance and Future Generali India Insurance and Future Generali India Insurance Company.
“Big Bazaar is big. We need to figure out how to capture the imagination of customers,” said Munish Sharda, managing director and chief executive officer of Future Generali India Life Insurance. “We are planning over-the-counter products to suit customers stepping into Future Retail’s stores.”
The insurance companies had earlier started selling products at these stores by themselves, but failed to make it work and they had to abort the plan. Now, they have decided to come out with a more vigorous effort with Future Retail as their corporate agent.
“The earlier model is undergoing some changes. Previously , we had our own set of people stationed at stores. Now, employees of Future Retail will be responsible for selling policies,” KG Krishnamoorthy Rao, managing director & CEO of Future Generali India Insurance, told ET.
Future Retail has 575 stores, with Big Bazaar and the re cently acquired Easy Day controlling about 450 of them. Other retail formats are HomeTown which is into home furnishing and furniture, and eZone, a seller of consumer electronics and phones.
The retail giant is in the process of applying for a licence from the Insurance Regulatory & Development Authority of India, a senior Future Retail executive said. “Future Retail can be a big distribution platform for insurance products. It’s a win-win solution for all,” the executive said.
Read more at: ET