General Insurance Company SBI General Insurance and public sector bank Indian Overseas Bank (IOB) have signed a bancassurance agreement for distribution of non-life offerings.
Through the alliance, SBI General will offer a range of general insurance solutions and innovative products to IOB customers, SBI General Insurance said in a release.
IOB operates from Chennai, with over 3,200 branches across the country and with overseas presence.
SBI General Insurance MD and CEO PC Kandpal said, “Our association with IOB shall further strengthen our reach and will help us in achieving another milestone for our mission of insuring Bharat.”
IOB’s extensive reach in Tamil Nadu region will help in wide distribution of products to customers in the region. With this tie-up, we will offer well researched, unique, and customer-friendly products to IOB customers, he added.
The partnership will improve penetration in urban, Tier II, and Tier III markets and will also help create awareness about personal lines of insurance.
Indian Overseas Bank MD and CEO Partha Pratim Sengupta said, “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. This tie-up will help expand our bouquet of insurance product to our consumers.”