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Future Generali ties up with IFMR Rural Finance to offer Shop Insurance through Kshetriya Gramin Financial Services (KGFS)

Future Generali India Insurance Company, the Insurance joint venture between Future Group of India and Generali Group of Italy, has always been keen on enhancing its service in India’s rural geography. Future Generali has recently tied up with IFMR Rural Finance, Chennai to offer its Shop Insurance products through their Kshetriya Gramin Financial Services (KGFS) licensees.

This partnership, will aid Future Generali to offer its products through the existing 125 KGFS branches, which are located in the states of Tamil Nadu, Uttarakhand and Odisha. The Kshetriya Gramin Financial Services (KGFS) are located in deep rural pockets of these states, mainly in locations where no other banking infrastructure is present.

Speaking on the tie-up, Easwara Naraynan, COO, Future Generali India Insurance Co. Ltd., said, 'We have developed a need based Shop Insurance product in partnership with IFMR Rural Finance. The product will be available at all KGFS branches, across the states of Tamil Nadu, Uttarakhand and Odisha. Shop insurance would cover building and contents against risk of fire and special perils like flood, storm, earthquake etc. Contents of shop are also covered against burglary. In addition to this, a cover for money kept locked is also offered. Shop value in the services area of KGFS branches is estimated between Rs. 1 lac to 5 Lacs. We are keen to see this business model work with efficiency, so that we can replicate it in other rural areas with many more products'.

Development of an efficient process where online policy can be issued to rural shop owners forms a significant part of association between Future Generali and IFMR Rural Finance. Both the organizations have dedicatedly worked towards developing a meticulous process to insure the assets of a shop for the right value and thereby avoid any ambiguity in claim settlement.

Pramod Singh, 28, a garment store owner in Chamiyala, Uttarakhand hailed the launch of this product stating, 'I have seen several friends lose their businesses due to a landslide. I am grateful to KGFS and Future Generali to be able to insure my shop that is my family’s source of living and future'.