Leading private insurer Future Generali India Insurance, announced it has tied up with Chennai based firm IFMR (Institute for Financial Management and Research) Rural Finance, to offer its shop insurance products through its Kshetriya Gramin Financial Services (KGFS) license holders.
In a release, Easwara Naraynan, COO, Future Generali India Insurance said, “We have developed a need based Shop Insurance product in partnership with IFMR Rural Finance. The product will be available at all 125 KGFS branches, across Tamil Nadu, Uttarakhand and Odisha.â€
Shop insurance will cover building and its contents against risk of fire, flood, storm, earthquake etc, and the contents of the shop will also be covered against burglary, he said.
“We are keen to see this business model work with efficiency, so that we can replicate it in other rural areas with many more products,” Naraynan added.
Kshetriya Gramin Financial Services (KGFS) is a network of regional financial institution set up in remote rural parts of India to assist in financial wellbeing of every individual and every enterprise in and around the region. Presently, five KGFS entities offer financial services in different parts of the country.
Future Generali India Insurance is a joint venture between Future Group of India and Generali Group of Italy.
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