Janashakthi, ICICI Bank discuss strategic tie-up

Janashakthi Insurance, the revolutionary trendsetter in the Sri Lankan insurance industry, and the ICICI Bank, India’s largest private bank with assets of over USD 92 billion (as of September 30, 2007) and presence in 18 countries worldwide, recently concluded discussions for a bancassurance channel agreement in Mumbai recently.

This follows the recent visit to Mumbai of a high powered delegation of Janashakthi professionals headed by General Manager Sales and Marketing Ravi Liyanage.“Janashakthi Insurance is extremely pleased to have an opportunity to be associated with the ICICI Bank, having seen the enormous success achieved by the ICICI Group. With the expected new partnership, ICICI Bank customers in Sri Lanka will receive an exclusive and wide array of financial solutions and services at the bank premises itself either by sharing the Janashakthi extranet or through web enabled online services apart from the professional advice by insurance professionals placed in the bank premises,” he said.

“The proposed business model will fundamentally change the status quo from a “service centre” to a highly customised “Sales Centre”. Janashakthi Insurance customers too will receive exclusive banking solutions from our bank partner ICICI Bank,” Mr. Liyanage added.

This proposed channel will initially provide insurance products such as Janashakthi Full Option (motor insurance), Janashakthi Awaranaya (fire and burglary insurance), Janashakthi Worldwide Travel, Janashakthi e-marine and Title insurance. Life insurance products such as Decreasing Term Assurance under Janashakthi Loan Guard, Janashakthi Vishrama  Retirement Fund will too be available under this arrangement.Janashakthi’s constant investment in a state-of-the-art IT system has enabled the Company to offer prompt, convenient and efficient services to policy holders all over the country. The company constantly invests in new technology to establish itself as the most technologically superior insurer in the Sri Lankan market. It has established many industry records surpassing long standing insurance companies in the market by being in operation for only 13 years.

Janashakthi is the first and only insurer to be awarded ISO 9001:2000 international quality accreditation from the International Standards Organization for both life and general lines of operations adapting its operational procedures and systems for the continuous improvement of its quality management system.Head, ICICI Bank Sri Lanka Prem Thampi said, “We are exploring the business model that was suggested by Janashakthi Insurance. We definitely feel that ICICI Bank customers will benefit from such innovative insurance products and ICICI Bank, in turn, would be able to reach out to all Janashakthi customers and offer them world class banking products along with special offers from time to time.

ICICI Bank in India has successful bancassurance tie-ups with ICICI Lombard in the general insurance sector, and ICICI Prudential in the life insurance sector which are the leading private sector insurance companies in India”.The Janashakthi team from Sri Lanka held discussions on the banc assurance model and understanding of best practices in the Indian insurance market with Mr. Sushil Rele Chief Insurance Officer (Life Insurance), ICICI Bank, Mr. Amit Sirsikar Assistant General Manager International Retail Group, Mr. Venaktcahlam Iyer, Head of Bancassurance ICICI Prudential and Mr. Krishnadas Nair Chief Insurance Officer (General Insurance) ICICI Bank. From ICICI Bank Sri Lanka Mr. Romesh Elapatha, Deputy Country Head and Mr. Kurien Elias, Senior Vice President were also present for the discussions.ICICI Lombard General Insurance is a joint venture between ICICI Bank India and Fairfax Financial Holdings of Canada.

The life insurance distribution model will be aligned with the business model of ICICI Prudential Life Insurance, which is a joint venture between ICICI Bank and Prudential PLC - a leading international financial services group headquartered in the United Kingdom. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries in the areas of investment banking, life and non-life insurance, private equity and asset management. ICICI Bank is a leading player in the retail banking market and services with its large customer base through a network of over 950 branches and extension counters, 3600 ATMs, call centres and internet banking (www.icicibank.com).ICICI Bank set up the International Banking Group (IBG) in 2002 to implement a focussed strategy for its international banking business. Within a short span of five years, ICICI Bank’s international presence currently spans 18 countries and includes wholly owned subsidiaries in the United Kingdom, Canada and Russia;

offshore banking units in Singapore and Bahrain; a branch in Dubai International Financial Centre, branches in Sri Lanka, Hong Kong, Qatar and ICICI Bank UK branches in Belgium; and representative offices in the United States, China, United Arab Emirates, Bangladesh, South Africa, Indonesia, Thailand and Malaysia.