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Non-Tech : ICICI Ltd - (Nyse: IC) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (237)	2/24/2000 7:47:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 494

Insurance: ICICI-Prudential itching to start operations Sitanshu Swain New Delhi, Feb 24: The ICICI-Prudential partnership for entering into life insurance sector is gearing up to start its operations. "The blue print is ready and the company for undertaking business will be formed by the partners as soon as a statutory Insurance Regulatory and Development Authority is in place," said a top official of the term lending institution. He added that the final RBI guidelines on the entry of banks and financial institutions in insurance sector will have a bearing on the final shape of the joint venture. ICICI has also conveyed its stand to the central bank about the draft guidelines which stipulate stringent qualifying norms for the entry of banks and financial institutions in insurance sector. At present, no new insurance company can be formed in the country till IRDA, after gaining statutory power, writes to the Department of Company Affairs for this. Going by the present set-up, though Prudential will hold 26 per cent in the joint venture, start-up and management of the insurance operations will be guided by it. The chief executive officer of the company will be from the UK-based company. "All top level appiontments will be a joint decision," said Derek Scott, chief of the Prudential operation in India. If the Prudential-ICICI partnership has been able to create the largest mutual fund in the private sector, it can do so in the insurance sector also, said the official. The joint venture will target the retail market in a big way by making use of ICICI's existing network including its bank. The blue print envisages a lot of synergy between ICICI's personal finance division and insurance operation. "Around 80 ATMs of ICICI will be used to provide information about the company's products," said sources. Though, ICICI in recent times has gone for a massive programme to make all of its existing products available on e-channel, the new insurance operation will be based on agents' network. After recruiting substantial number of agents, the company will impart them intensive in house training. "In fact reaching out to the people will be the main thrust which will make us different from others," pointed out sources. The metro markets and the stipulated rural markets will be initial areas of operation which will be expanded to other areas in course of time. -Indian Express Newspapers (Bombay) Ltd.