Vijayawada: Bajaj Allianz General Insurance and Andhra Pragathi Grameena Bank on Friday announced a corporate agency agreement for a period of three years for the distribution of the former’s insurance products across more than 500 branches in Andhra Pradesh.

The partnership aims to reach out to the rural population of the State by providing them with the best in class products and services. Commenting on the partnership, Rakesh Kashyap, Chairman, Andhra Pragathi Grameena Bank said “we are happy about our partnership with Bajaj and hope this partnership will go a long way. Both partners will have a good experience in the business. Also, Bajaj’s tailor-made insurance products will help penetrate the insurance business among the bank’s rural customers.”

Rohit Jain, Head–Geo Distribution, Bajaj Allianz General Insurance said “insurance is a crucial factor that provides financial relief in case of uncertain exigencies. However, insurance penetration is still comparatively lower and hence insurers are relentlessly working towards increasing awareness of the benefits of insurance in every household in our country. We need to have strong partnerships with financial institutions with a strong distribution channel.”