Bancassurance Deals:Citi and Bajaj General, IDBI Bank and TATA AIG General join hands
Bajaj Allianz General Insurance will offer personal lines of insurance such as health, personal accident, motor, home, and travel, along with commercial line of insurance such as property, marine, engineering, etc. to the bank's customers
Bajaj Allianz General Insurance and Citibank, today signed a corporate agency agreement for distribution of Bajaj Allianz General Insurance’s products.
Under this strategic agreement, Bajaj Allianz General Insurance will offer personal lines of insurance such as health, personal accident, motor, home, and travel, along with commercial line of insurance such as property, marine, engineering, etc. to the bank's customers.
Commenting on the partnership, Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance said, “Our partnership with Citibank not only aims at providing relevant insurance products, but will also provide best-in-class services to their customers through our unique digital initiatives.”
Sharad Mohan, head retail bank, Citibank said, “This partnership with Bajaj Allianz General Insurance (BAGIC) expands our offerings towards health and asset protection for our clients. Further enriching the client experience, BAGIC’s digital capabilities support servicing and help our clients select relevant policies.”
The partnership will strengthen distribution network of Bajaj Allianz General Insurance.
Meanwhile, in a similar arrangement, IDBI Bank has entered into a bancassurance corporate agency agreement with Tata AIG to provide Tata AIG’s suite of general insurance products, specially designed to mitigate the varied risks and offer financial protection against unforeseen eventualities to the bank’s 20 million customer base, through its 1,850 plus branches.
Commenting on the collaboration, Rakesh Sharma MD & CEO, IDBI Bank said, “With evolving customer needs and expectations, we are looking forward to this strategic partnership to strengthen the product proposition for our customers and offer them a one-stop access to an array of best-in-class general insurance products. It would also help deepen the awareness and understanding of our customers about the essential risk mitigation needs of general insurance covers, for themselves, their families, their properties, assets or businesses.”
Neelesh Garg, MD & CEO, Tata AIG General Insurance Company Limited said, “Their wide reach across the country presents great opportunities for us to extend our insurance solutions to customers in untapped, underinsured markets.”
The association will also help Tata AIG deepen the penetration of its innovative product offerings and enable more customers to access their risk solutions anytime, anywhere.