India-based Shriram General Insurance has entered into a bancassurance partnership with the Indian private sector lender City Union Bank (CUB).
Under the agreement, CUB will distribute Shriram General Insurance’s insurance offerings through its network of branches across the country, according to multiple reports.
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The offerings will include the insurer’s personal lines of insurance products including motor, accident, home and travel insurance as well as commercial insurance products such as property, marine and engineering insurance.
City Union Bank managing director and CEO N Kamakodi said: “We are delighted to partner with Shriram General Insurance. We are of firm belief that the partnership will certainly bring the best of non-life insurance products to our customers.”
Shriram General Insurance Company is set up as a joint venture between Shriram Capital, the holding company of Shriram Group’s financial services business, and South Africa-headquartered financial services firm Sanlam.
Shriram General Insurance CEO and managing director Anil Aggarwal said: “We are confident that this partnership will enable us to provide best-in-class insurance products to CUB customers, and take the customer experience to the next level.
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By GlobalData“By leveraging technology, we will ensure digital, instant and seamless insurance experience to the bank’s urban as well as rural customers.”
Recent development in India’s insurance space
Last week, India’s public sector insurer National Insurance Company inked a multi-year contract with Cognizant to speed up its digital transformation.
Last month, a report by IANS said that the country’s insurance industry created a pool to provide cover for fertilisers imported from Russia as well as Belarus amid the ongoing Ukraine conflict.
In May, British insurance broker Howden secured the regulatory greenlight to raise its shareholding in Howden Insurance Brokers India from 49% to 100%.
