Money & Banking

SBI General Insurance, IOB sign bancassurance pact

Our Bureau Mumbai | Updated on March 01, 2021

SBI General Insurance and Indian Overseas Bank 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,” said a statement on Monday.

“IOB’s extensive reach in Tamil Nadu region will help in wide distribution of products to customers in the region...The partnership will improve penetration in urban, Tier II, and Tier III markets and will also help create awareness about personal lines of insurance,” said PC Kandpal, Managing Director and CEO, SBI General Insurance.

IOB operates from Chennai with over 3,200 branches across the country.

“This tie-up will help expand our bouquet of Insurance product to our consumers,” said Partha Pratim Sengupta, Managing Director and CEO, Indian Overseas Bank.

Published on March 01, 2021

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