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Our Bureau

New Delhi , June 20

Royal Sundaram Alliance Insurance Company Ltd has entered into a corporate agency agreement with ING Vysya Bank for distribution of general insurance products.

According to a statement, Mr Antony Jacob, Managing Director of Royal Sundaram, handed over the agency licence to Mr Vaughn Richtor, Managing Director and CEO of ING Vysya Bank.

ING Vysya Bank will distribute health, personal accident, motor, travel, and home insurance products through the bank's extensive branch network and further increase insurance penetration in the SME and rural segments, the statement added.

"This will further strengthen the relationship between both the partners, thereby helping them achieve far greater efficiencies both in terms of its reach to customer as well as scaling up the partnership."

Mr Antony Jacob said: "With ING Vysya's prominent presence in major metros, smaller cities and towns, this partnership will be a great enabler in providing easy access to insurance solutions to the wider customer network. We have a clear focus on the need for insurance for the Indian customer and will be able to provide customised products to suit these needs."

Mr Vaughn Richtor said: "This gives us the opportunity to promote non-banking financial products to our customers under one roof. We are looking to grow our retail business and provide value adding products and services to our customers."

More Stories on : General Insurance | Channels and Franchises | Private Banks

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