The Hindu Business Line : Cosmos Bank, Bajaj Allianz in marketing arrangement

COSMOS Bank, the multistate scheduled co-op bank, had tied up with Bajaj Allianz General Insurance Company for distributing latter's insurance products.

Talking to presspersons, Mr Kamlesh Goyal, Chief Executive Officer, Bajaj Allianz, said the company which had entered into this alliance in February has seen so far 1,000 policies and was estimating to touch about 10,000 policies by year-end valued at close to Rs 2 crore.

He noted that the company was also looking at offering a package deal to customers, which would have health, household and accident insurance, all rolled into one. As per the requirements of the customers, these packages would be modified, he said. This is expected to reach the customers within the next three months, he said.

Mr Goyal said the company is looking at increasing its penetration. It is in talks with a pubic sector bank which has a heavy presence in the North Eastern region and "if it comes through, the company which has a presence with six offices would have its presence across 500 branches,'' he said.

Mr Shashikant Budge, Managing Director, Cosmos Bank, said the bank would now offer a range of general insurance products through its 41 branches and five extension counters over five States in the country. The bank has recently launched real-time gross settlement facility.

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