IOB inks deal with SBI Gen Insurance
Public sector Indian Overseas Bank has signed a corporate agency agreement with SBI General Insurance to retail its insurance products to bank customers, a top official said on Friday.
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Chennai: Public sector Indian Overseas Bank has signed a corporate agency agreement with SBI General Insurance to retail its insurance products to bank customers, a top official said on Friday.
Indian Overseas Bank has signed a bancassurance agreement for distribution of non-life offerings with SBI General Insurance to offer a range of general insurance solutions and innovative products to the customers of the bank.
"We are delighted to partner with one of the leading players in general insurance businesses-SBI General Insurance. We will efficiently nurture it to be a long running mutually beneficial relationship," the bank's Managing Director and CEO Partha Pratim Sengupta said. The tie-up would help expand the bouquet of insurance product to customers, Sengupta, said.
The partnership would improve penetration in urban, tier II and tier III markets and also create awareness about personal lines of insurance to customers, Sengupta said. Indian Overseas Bank has over 3,200 branches across the country and also has a presence overseas.
