According to the Hindu Business Line, Dutch financial services firm ING Group is in negotiations with the Department of Posts in anticipation of providing life insurance products through the India Post network.
The global financial institution has been actively seeking to expand its distribution network to support its joint venture ING Vysya Life Insurance Company, in which it holds a 26% stake.
At present, ING has already established a tie-up with Japan Post for the distribution of its services to support its Japanese joint venture and hopes to replicate this with India Post. However, almost all life insurers are in a race to obtain additional tie-ups.
The Indian alliance would also generate an additional income for India Post, increasing its revenues.
Cited in the Hindu Business Line, ING sources are said to have confirmed the discussions but refused to comment further on details regarding its status and progress.