IDBI Bank Ltd & Tata AIG General Insurance Company Limited Enter Into Bancassurance Corporate Agency Agreement
A Win-Win Partnership for Both the Esteemed Organizations to Enhance Product Proposition for Customers & Expand Insurance Penetration
IDBI to Offer Tata AIG’s Wide Range of General Insurance Products for Individuals & Businesses
IDBI has a Strong Presence in Rural & Semi-Urban Areas with 20 Million Customer Base & over Pan-India 1,850 Branches
Product Portfolio includes Tata AIG’s flagship Health product - ‘Medicare’, Motor Insurance, Personal Accident cover, Home content, Critical Illnesses, Group Medicare, SME Insurance, Locker Insurance, Travel Insurance, Long term Fire Insurance, Group Credit Secure Plus and many more
Tata AIG General Insurance has a Robust Multi-channel Distribution Network of 22,500+ Licensed Agents, 400+ Licensed Brokers; 5,000+ Employees including 550+ Claim Experts & over 200 Pan-India Offices
Mumbai June 18, 2019: IDBI Bank Ltd. entered into a Bancassurance Corporate Agency agreement with Tata AIG to provide Tata AIG’s suite of general insurance products, specially designed to mitigate the varied risks and offer financial protection against unforeseen eventualities to the Bank’s 20 million customer base, through its 1,850 plus branches.
The product portfolio comprises Tata AIG’s flagship Health product – ‘Medicare’, Motor Insurance, Personal Accident cover, Home content, Critical Illnesses, Group Medicare, SME Insurance, Locker Insurance, Travel Insurance, Long term Fire Insurance, Group Credit Secure Plus, besides a host of other consumer and commercial lines’ solutions to meet the diverse needs of individuals and businesses alike.
Commenting on the partnership, Shri Neelesh Garg, MD & CEO, Tata AIG General Insurance Company Limited said, “We are delighted to partner with IDBI Bank, one of India’s oldest and largest commercial banks. Their wide reach across the country presents great opportunities for us to extend our insurance solutions to customers in untapped, underinsured markets. With a strong network of alliances in the banking ecosystem already in place, we are confident that IDBI’s customer centricity and extensive reach will complement our capabilities in innovative product placements and industry best claims servicing to enhance the overall value offering for the Bank’s customers.”
Commenting on the collaboration, Shri Rakesh Sharma MD & CEO, IDBI Bank said, “Keeping in mind our customer interests, we are glad to partner with Tata AIG General Insurance Company Limited, one of the leading private player in General Insurance segment and India’s most trusted brands. With evolving customer needs and expectations, we are looking forward to this strategic partnership to strengthen the product proposition for our customers and offer them a one-stop access to an array of best-in-class general insurance products and exemplary service levels that Tata AIG are known for in the market. It would also help deepen the awareness and understanding of our customers about the essential risk mitigation needs of general insurance covers, for themselves, their families, their properties, assets or businesses.”
IDBI Bank has a strong presence in rural and semi-urban areas, and through this partnership, its customers will be able to take advantage of Tata AIG’s acumen of risk understanding, wide range of protection covers backed by robust multi-channel distribution network, exemplary servicing and seamless claims settlement record. The association will also help Tata AIG deepen the penetration of its innovative product offerings and enable more customers to access their risk solutions anytime, anywhere.
As on March 31, 2019, Tata AIG General Insurance Company Limited recorded a 41 per cent growth in Gross Written Premium (GWP) at ₹7,862 Cr against ₹5,567 Cr. over the same period, last year. With more than 200 offices spread across the country, Tata AIG General Insurance Company Limited has a robust multi-channel distribution network of 22,500+ licensed agents, 400+ licensed brokers; 5,000+ employees, including 550+ claim experts and a dedicated Customer Service & Operations team, consistently delivering superior service experiences, powered by the latest innovations in technology.
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