MUMBAI: Principal PNB Life Insurance, the proposed four-way insurance JV, is looking at a low-cost distribution model that will enable the company to achieve a break-even in five years.
Principal Financial Group has partnered with Punjab National Bank, Vijaya Bank and Berger Paints for this insurance venture. Speaking about the proposed company’s business plan, Campbell Tupling, COO of Principal Group Financial, said that the company will sell to individuals through broad-based group products. “We will not have the traditional agency-driven endowment product business,” said Mr Tupling.
The group products will be distributed through alternate channels including the life company’s shareholders and its insurance broking subsidiary. The company will also target employees of corporations through work-site marketing and relationships with employers.
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