Canara Bank and Bajaj Allianz General Insurance on Saturday signed a corporate agency agreement for distribution of Bajaj Allianz’s general insurance products through Canara Bank’s network of 5,920 branches across the country. Under the strategic agreement, Bajaj Allianz General Insurance will offer its industry leading general insurance products to the customers of Canara Bank, Bajaj Allianz said.
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A bouquet of personal lines of products such as Motor Insurance, Home Insurance, Health Insurance, Travel Insurance and commercial line of products such as Fire Insurance, Marine Insurance and Engineering Insurance will be available through branches of Canara Bank, it said in a release.
The partnership aims to provide enhanced customer experience by leveraging technology to augment the comprehensive range of third party products and services distributed by the Bank, the release said.
Canara Bank Managing Director and CEO Rakesh Sharma said “Today, two great institutions with more than 100 years of experience are coming together for a longstanding partnership.”
“This tie-up will especially benefit our customers who will get easy access to a rich bouquet of innovative products to cover their valuable assets created out of Bank finance and also benefit from the expert risk management knowledge of Bajaj Allianz Co,” he said.
Bajaj Allianz General Insurance MD and CEO Tapan Singhel said the penetration of insurance in India is very low as compared to other markets.
“Canara Bank’s widespread 6,000 branch network will help Bajaj Allianz to reach out to a much larger customer base and offer comprehensive insurance solutions in Tier – II and III cities and consequently help leverage the existing network of banks to increase insurance penetration,” he said.