India’s SBI General Insurance has entered into a bancassurance partnership with local financial institution Indian Overseas Bank (IOB).
According to a PTI report, the partnership will enable the insurance company to offer a range of general insurance solutions and other products to IOB customers.
Go deeper with GlobalData
The move is expected to help SBI General Insurance increase its footprint in tier II, and tier III markets.
Headquartered in Chennai, Tamil Nadu, IOB has more than 3,200 branches across the country along with an overseas presence.
SBI General Insurance managing director and CEO P C Kandpal was quoted by the news agency as saying: “Our association with IOB shall further strengthen our reach and will help us in achieving another milestone for our mission of insuring Bharat.
“IOB’s extensive reach in Tamil Nadu region will help in wide distribution of products to customers in the region.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“With this tie-up, we will offer well researched, unique, and customer-friendly products to IOB customers.”
Indian Overseas Bank managing director and CEO Partha Pratim Sengupta said: “We will efficiently nurture it to be a long running mutually beneficial relationship. This tie-up will help expand our bouquet of insurance products to our consumers.”
Notably, SBI General Insurance launched a new corporate brand identity with a redesigned logo and tagline last year.
The move was part of its strategy to highlight its future-ready services to an evolving consumer base.
