City Union Bank, Shriram General Insurance sign corporate agency agreement
Town Union Bank (CUB) and Shriram Basic Insurance policies, on Friday, signed a corporate agency arrangement, exactly where the lender will distribute the latter’s insurance products as a result of its network of 727 branches across India.
Underneath this settlement, Shriram General Insurance policy will offer own lines of coverage goods this kind of as motor, personal accident, house and travel, along with industrial strains of insurance plan merchandise this kind of as residence, maritime and engineering insurance policies to the bank’s clients. The settlement will enable deliver improved buyer encounter by leveraging know-how and augmenting the services distributed by the financial institution, claims a launch.
N Kamakodi, MD & CEO, Metropolis Union Bank, instructed newspersons: “We are of firm perception that this partnership will undoubtedly convey the ideal of non-everyday living insurance policies products and solutions to our buyers.”
The Coverage Regulatory and Improvement Authority (IRDAI) has permitted banking companies to have tie-ups with three businesses each and every for normal insurance coverage, existence insurance policies and well being coverage. The bank has now entered in to a tie-up with Shriram Insurance plan. At first, the bank had a tie-up with broking company, Bharat Re Insurance Brokers (of Shriram Group), to offer with buyers and ascertain the challenges and claim settlement. However, this is not there anymore.
The bank experienced a tie-up with LIC for daily life insurance coverage and with Commence Wellbeing for wellbeing insurance plan. For typical insurance policies, the lender has now joined hands with Shriram Common Insurance coverage, and before long will signal an arrangement with Royal Sundaram.
For lifestyle insurance policies, together with LIC, the financial institution will have two much more tie-ups — Bajaj and Tata AIG. For health coverage, the financial institution will have tie-ups with Aditya Birla and Treatment Coverage. Of these six tie-ups, 4 are currently being signed nowadays and on Monday, and the other two in advance of the thirty day period-close, he said.
Anil Kumar Aggarwal, MD & CEO, Shriram Common Coverage, reported this is a powerful partnership with the lender for the foreseeable future. “Through this tie-up, we will deliver the greatest solutions to the consumers of CUB. By leveraging technologies, we will make certain electronic, prompt, and seamless insurance encounter to the Bank’s city as properly as rural shoppers,” he additional.
“Whatever we have accomplished in Shriram Typical Insurance coverage for small operators, wherever turnaround time for the promises settlement has lessened to 24 days from one particular-fifty percent-decades a decade back again, we will replicate the very same thing in CUB. It is a acquire-get predicament for both equally organisations,” he reported. “By working with engineering, we want to further more lower the promises settlement to close to 20 days,” he included.
A enterprise official claimed in the course of December 2021, as element of a restructuring exercise, the group introduced the merger of all credit score firms below one particular umbrella to develop India’s most significant retail NBFC. Shriram Funds, which is the holding corporation of the team, is receiving merged with Shriram Transportation Finance. The stake held by Shriram Funds in existence and common coverage organizations will now be transferred into separate entities.
July 08, 2022