Chennai, March 1 (IANS) Non-life insurer Reliance General Insurance — part of Reliance Capital Ltd — on Wednesday said it has signed a bancassurance deal with private-owned Kerala-headquartered Catholic Syrian Bank.
In a statement, Reliance General Insurance said it would target the 1.5 million-strong customer base of Catholic Syrian Bank spread across its 430 branches in Kerala, Tamil Nadu and Maharashtra.
“We are delighted to partner with Catholic Syrian Bank. This tie-up will enable RGI (Reliance General Insurancee) to leverage Catholic Syrian Bank’s unparalleled retail and SME (small, medium enterprises) customer base, robust distribution network, strong technology platform, strong brand name and offer them innovative and comprehensive range of insurance products from RGI,” Rakesh Jain, CEO, Reliance General Insurance, was quoted as saying in the statement.
“The strategic partnership with Reliance General Insurance, well known for its state-of-the-art non-life insurance products, will make it extremely easy for our customers to access a comprehensive selection of customized general insurance solutions at affordable rates. The corporate alliance will enable Catholic Syrian Bank serve our customers’ banking and insurance needs under one roof,” CVR Rajendran, MD & CEO, Catholic Syrian Bank, said in the statement.
Bancassurance tie-up forms an important part of RGI’s growth strategy and the company has been forging strong alliances with various banks to enhance its distribution footprint in the country.
“This is the latest big partnership in our list of recent partnerships we have forged in the bancassurance space. We already have tie-ups with IndusInd Bank, Bank of India, Shamrao Vithal Co-operative Bank and Andhra Bank and expect forge many more such alliance with strong banks in the future,” added Jain.
The company plans to boost its top line by up to 15 per cent through these tie-ups and alliances with sharp focus on selling retail products – including motor, home, health, travel and commercial policies including fire, marine and engineering insurance.