Union Bank of India will be expanding its Insurance distribution channels post-amalgamation. The Public Sector lender was merged with Andhra Bank and Corporation Bank on 1st April 2020 as per the amalgamation scheme of Central Government.
After the merger, the entity now has a network of more than 9500+ branches.
Before the merger the lender was distributing Life Insurance products of SUD Life Insurance Co Ltd, General Insurance products of Bajaj Allianz General Insurance, New India Assurance Co Ltd and Chola MS General Insurance Co Ltd and Health Insurance products of Religare Health Insurance Co Ltd as per the Corporate Agency tie-up agreements.
Post-amalgamation, the lender is planning to offer more of industry products and services to its customers has decided to continue corporate agency agreement with India First Life Insurance Company Limited and LIC of India under Life Insurance segment, United India Insurance under General Insurance segment and Manipal Cigna Health Insurance under Health Insurance Segment.
The continuation of the above Corporate Agency partnerships will facilitate streamlined post sales services to the policy holders customers of erstwhile Andhra Bank and Corporation Bank. Now, all branch outlets of Union Bank of India will be offering Insurance products of three life insurers; four general insurers and two standalone health insurers. Broadening of insurance distribution channel will assist the Bank to increase insurance reach by creating awareness of insurance among the customers of the Bank.