United India Insurance has become the first insurance company in the Indian subcontinent to offer customers a facility to make premium payments through mobile phones. The company has launched an app for mobile phones called ‘M-Power’ which can be utilized for paying premiums. United India Insurance Chairman and MD, G.Srinivasan was quoted saying,” This is very aptly called M-Power, Empowering customers to make their premium payments through mobile phone".
United India Insurance has become the first insurance provider in both life and non-life insurance categories to offer such a service. The company had collected Rs.8,179 crore as premium during 2011-2012. The company is hopeful that with the arrival of the new services, more people will be motivated to sign up for insurance policies from United Insurance.
The company currently has around 2 crore customers. G.Srinivasasn hoped that in the next 2 years, 5-7% of their customers would use this app for making premium payments. He also mentioned that the platform will be used for educating people in rural areas about the benefits of insurance. A series of campaigns have been planned for promoting the concept, which will come to light in the upcoming weeks.
Standard Chartered Bank is one of the main partners of United India which assists the latter in the collection of payment. The bank is expecting a premium collection of Rs.4,000 crore this year for United Insurance. United India is expecting a premium collection of over Rs.10,000 crore this year. This year the company will be focusing on retail, personal, medium and small sector portfolio.