India-based Shriram Normal Insurance coverage has entered right into a bancassurance partnership with the Indian non-public sector lender Metropolis Union Financial institution (CUB).
Underneath the settlement, CUB will distribute Shriram Normal Insurance coverage’s insurance coverage choices by way of its community of branches throughout the nation, in response to a number of stories.
The choices will embody the insurer’s private strains of insurance coverage merchandise together with motor, accident, dwelling and journey insurance coverage in addition to industrial insurance coverage merchandise comparable to property, marine and engineering insurance coverage.
Metropolis Union Financial institution managing director and CEO N Kamakodi mentioned: “We’re delighted to companion with Shriram Normal Insurance coverage. We’re of agency perception that the partnership will definitely deliver the very best of non-life insurance coverage merchandise to our prospects.”
Shriram Normal Insurance coverage Firm is ready up as a three way partnership between Shriram Capital, the holding firm of Shriram Group’s monetary providers enterprise, and South Africa-headquartered monetary providers agency Sanlam.
Shriram Normal Insurance coverage CEO and managing director Anil Aggarwal mentioned: “We’re assured that this partnership will allow us to supply best-in-class insurance coverage merchandise to CUB prospects, and take the client expertise to the following stage.
“By leveraging expertise, we’ll guarantee digital, instantaneous and seamless insurance coverage expertise to the financial institution’s city in addition to rural prospects.”
Latest growth in India’s insurance coverage house
Final week, India’s public sector insurer Nationwide Insurance coverage Firm inked a multi-year contract with Cognizant to hurry up its digital transformation.
Final month, a report by IANS mentioned that the nation’s insurance coverage trade created a pool to supply cowl for fertilisers imported from Russia in addition to Belarus amid the continued Ukraine battle.
In Might, British insurance coverage dealer Howden secured the regulatory greenlight to boost its shareholding in Howden Insurance coverage Brokers India from 49% to 100%.
