Image by Hari Prasad Nadig, Flickr
Bajaj Allianz General Insurance has signed a bancassurance deal with Canara Bank, one of the largest public sector banks in India.
Under the agreement, Bajaj Allianz’s general insurance products will be available through Canara Bank’s 5,920 branches all over the country. Consumers will be able to access motor, home, health and travel insurance at the bank. Commercial policies such as fire, marine, and engineering insurance products will also be available to businesses.
Both companies aim to enhance their service to customers by leveraging technology to improve the range of third-party products and services distributed by the bank.
Tapan Singhel, managing director and CEO of Bajaj Allianz General Insurance, said: “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. We are confident that this partnership will enable us to provide best in class insurance products to Canara Bank customers and help us in serving them better.”
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