SBI General Insurance and Indian Overseas Bank have inked a bancassurance agreement in a bit to ensure 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 the official 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 is headquartered in Chennai with more 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.