Corporate agency agreement to bolster insurer’s reach in rural, urban areas.
Bajaj Allianz General Insurance and Bank of India have entered into a corporate agency agreement under which the bank, through its network of branches and some other facilities across the country, will distribute the general insurer’s products.
A bouquet of personal lines of products such as motor, health, home and travel insurance as well as commercial line of products, including engineering and marine insurance, are to be offered to customers of the bank as part of the agreement. The aim is to provide Bank of India’s customers various insurance solutions and enhanced customer experience by leveraging technology, the private insurer said.
Bank of India will be distributing the insurance products through its network of 5,084 branches, 80 retail business centres and 60 SME city centres across the country.
Bajaj Allianz General Insurance MD and CEO Tapan Singhel said the tie-up with Bank of India provides an opportunity for the insurance company to not only strengthen its presence in urban areas, but also enhance distribution to the remotest corners of the country. As much as creating awareness on benefits of being insured is important to increase insurance penetration, in the country, it is equally important to be present at every touchpoint where customers can access the products, he said.
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