Neighbour’s Assurance

Feb 01, 2008 (LBO) – Janashakthi Insurance has tied up with India’s ICICI Bank to launch bancassurance services in Sri Lanka but says high capital requirements and regulations in India constrain access to the competitive market on the sub-continent.

Janashakthi Insurance Company Thursday signed a bancassurance agreement with ICICI Bank to promote insurance to banking customers.

The ICICI Bank will promote Janashakthi motor insurance, fire and burglary, travel insurance, e-Marine and title insurance in the initial stage.

ICICI banking customers who apply for Janashakthi insurance will also receive benefits such as easy payment schemes, special premium rates and standing order facilities.

“Janashakthi Insurance customers too will receive solutions from our partner ICICI Bank,” Ravi Liyanage, general manager, sales and marketing of Janashakthi Insurance said.

ICICI Bank with assets of 96 billion dollars, is India’s largest private bank with over 955 branches and 3,600 ATMs in 18 countries. It offers banking and financial services such as investment banking, private equity and asset management and life and non-life insurance through its subsidiaries.

The insurance market in India has grown rapidly but being an agrarian econ