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Future Money Outlet

06/03/2008
Innovation
The joint venture Future Generali has introduced a new concept called “mallasurance”. It provides Indian consumers with tailored insurance solutions at different malls across the country. Generali relies on a wide network of retail outlets to mostly boost the distribution of insurance products. It consists of simple insurance covers with low premiums that can be sold over the counter. Products offered include instalife and endowment, for life, auto, personal accident, travel, health and home package policies for non-life. The strength of the Mallassurance is to sell the products and the full range of services at one stop. By this initiative, the company targets 30% of its business which comes from malls.
Perspective
This new concept changes the way Indian insurances are delivered. It becomes more a subscription than a transaction. According to the CEO of Generali group, this approach makes India the ideal gateway to the future of insurance distribution. Indeed the insurance penetration is relatively low in India as the existing players cater to a small section of Indians. Through modern retailing of insurance products, the company makes insurance accessible to every Indian, including the younger generation and homemakers who frequent shopping malls. Future generali’s initial test-marketing of retailing insurance in shopping malls has shown results.
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