Future Generali India Life Insurance Company Limited (FGILI), a joint ventu...
Earlier, they did try cross-selling insurance products at the retail outlets but it did not reap the expected returns. This time round, Future Genarali is aiming to standout by using data on millions of customers at outlets such as Big Bazaar or Home Town.
This new initiative will initially be targeted at Big Bazaar Profit Club, a unique membership program where one can pay Rs 10,000 and can shop for Rs 1,000 every month for the next 12 months. Later depending upon the response, it will be expanded to other category of customers.
Mr. Krishnamoorthy Rao, managing director and chief executive officer, said, “We had tried mallassurance a few years back but it proved to be a loss making proposition. The sales did not cover the cost of selling policies in malls. Now, we have shifted our focus to using the customer data from the 300 outlets of Future Group. The upper segment of customers hold this membership and their full data are available on the cards”.
Future Generali General Insurance Company is a joint venture between the Future Group of India and the Italy based Generali Group. The partnership between these 2 groups continues in the life insurance business also.