ICICI Pru Life launches biometric cards

ICICI Prudential Life Insurance company has launched biometric smart cards to enable their rural policyholders to pay their premiums.

Biometric cards contain the details of policyholders such as name, age, address and finger prints. Besides helping the customers to pay their renewal premiums, the card will facilitate claim processing. It authorises transactions based on the customer's fingerprints.

ICICI Prudential Life has tied up with FINO Fintech Foundation (set up by IFCI and the World Bank) for operational and processing capabilities and Financial Information Network Operations (FINO) for the technological know-how.

Policyholders can utilise this service at various FINO Fintech access points created across the country. The biometric smart cards will be issued at no extra cost to the customer.

The insurer has launched a pilot project in Mehboobnagar district in Andhra Pradesh, where 100 odd policyholders of the company will be given these cards.  Around 70 FINO points will be set up in the state.

Anita Pai, executive vice president said, "As the company is expanding and reaching out to policyholders across the country, it is critical for us to maintain our service experience among the customers. The card will enable us to move away from the connectivity and infrastructure barriers and provide real time solutions to policyholders in the rural segment."

ICICI Prudential has 700 branches in 500 locations. "We are looking at setting up 500 FINO points across the country in 7-8 months," said Pai.