L to R -PR Rajagopal, ED BOI, Girija Subramanian CMD, NIA, Mukta Sharma GM, NIA, Anjali Bhatnagar GM, BOI ,. Rajneesh Karnatak, MD and CEO BOI, M. Karthikeyan, ED BOI, Rajiv Mishra , ED BOI at an event to sign bancassurance deal between NIA and BoI
“New India strives to introduce customised products for retail customers specially for the “missing middle” and is exploring distribution channels including Banca to reach the last mile customer,” said Girija Subramanian, CMD, New India Assurance
Mumbai: New India Assurance, the country’s largest general company and Bank of India, one of the largest public sector banks, has entered into a strategic tie-up to offer general insurance products to the customers of the bank.
BoI has over 5,200 branches across the country, while NIA brings with it over 100 years of excellence in the general insurance sector, making this partnership a powerful alliance in India’s bancassurance ecosystem.
“New India strives to introduce customised products for retail customers specially for the “missing middle” and is exploring distribution channels including Banca to reach the last mile customer,” said Girija Subramanian, CMD, NIA.
The aim is to provide comprehensive general insurance solutions both personal and commercial lines like Home, Health, Motor, Engineering and the like.
“The tie-up is a step forward in offering comprehensive insurance solutions under one roof,” said Bank of India MD & CEO Rajneesh Karnatak.
Currently NIA has 44 bancassurance tie-ups and is planning to expand its partnership with more banks in coming days.
The insurer is keen to introduce state-of-the-art products for the retail customers in order to protect them from risks and is always committed to extend protection till the last customer in the market.
Considering the variety of insurance products of NIA and the large customer base of BoI ,this partnership will help in enhancing the general insurance penetration.
This is in line with the transformative “Viksit Bharat” initiative of the Government of India and “Insurance for All by 2047 ” vision of the IRDAI.
Good initiative,but you also look into the matter of motor insurance claim of your customer like me who has been waiting for settled insurance claim since 13th March,2024,merely because of your pre condition policy to first get cancelled RC of the car that had been hypothecated to SBI with outstanding loan knowing well that Bank does not issue NOC unless loan is fully paid .
Good initiative to reach people at grassroot level, but you are requested to arrange cashless benifit for motor claim for the individual customer’s who are taking insurance through the individual agency channel at the dealer point. Presently those who are taking insurance from dealer, they only getting cashless benifit at dealer point. Please reduce mediclaim premium for all products and also bring new senior citizen mediclaim policy with high Sum Insured with all modern treatment facilities.
For hypothecation claim will be paid to bank for total loss.
Our Hon FM is delinkig bancassurance from banks, so this honest efforts of New India’s
Tie up with BOI may not bring desired results in times to come. However, we wish THE TIE UP all the best for the Last Mile People.
Good , agree maint best gen ins co of india.
Agree
It is observed that insurance support still not available for mostly Indian people who is living in Village, last persons called by us, NIA take this stap is very good
Past experience not satisfactory, though our Insurance Industries with full of efficient, energetic & knowledgeable middle man.
Hence to avoid the miss sold of product please utilise the above so called middle man for the interest & benifits to the Customer/Insured
Regards
Long over due reforms in general Insurance sector, merger of all government PSU general insurance companies , privatization as assured by FM.
Corruption in claims is a major issue. Medical claim racket and nexus are another.
NIA has to go global. It has to think of life insurance as well with innovative features.
Depending on BOI and others is a sign of fear.
NIA has failed to invest in infrastructure like own buildings. Branches are required in rural areas for inclusive growth.
Different cos. need to have competitive tariff. Delay in settlement has to be monitored by MD. Female agents, surveyors DOs are required.
Screening in selection and promotion has to be tough. It has to itself equip with innovative AI in the fast changing 5th largest economy. It cannot live with be same old motor, housing personal medical, livestock.