India-based Shriram Basic 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 Basic Insurance coverage’s insurance coverage choices by its community of branches throughout the nation, based on a number of stories.
The choices will embrace the insurer’s private strains of insurance coverage merchandise together with motor, accident, dwelling and journey insurance coverage in addition to business insurance coverage merchandise similar to property, marine and engineering insurance coverage.
Metropolis Union Financial institution managing director and CEO N Kamakodi stated: “We’re delighted to accomplice with Shriram Basic Insurance coverage. We’re of agency perception that the partnership will definitely deliver the perfect of non-life insurance coverage merchandise to our clients.”
Shriram Basic 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 Basic Insurance coverage CEO and managing director Anil Aggarwal stated: “We’re assured that this partnership will allow us to supply best-in-class insurance coverage merchandise to CUB clients, and take the shopper 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 clients.”
Latest improvement in India’s insurance coverage area
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 stated that the nation’s insurance coverage business 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 lift its shareholding in Howden Insurance coverage Brokers India from 49% to 100%.