SBI General Insurance enters into bancassurance tie-up with IDFC FIRST Bank

SBI General Insurance, one of the leading general insurance companies in India, has signed a corporate agency agreement with IDFC FIRST Bank, for distribution of non-life insurance solutions.

Under this strategic agreement, SBI General Insurance will offer insurance products such as health, personal accident, home, motor and travel along with the commercial line of insurance products such as property, marine and engineering insurance, to the bank’s customers.

Amar Joshi, head – emerging business lines at SBI General Insurance, said: “We are happy to further strengthen our distribution network through this partnership and look forward to achieve new milestones. This will help us extend our range of products to a larger customer base. Our overall aim continues to remain the same i.e. to enhance insurance penetration in the country by ensuring access to all.”

Amit Kumar, head – retail liabilities at IDFC FIRST Bank, said: “We are pleased to associate with SBI General Insurance and bring more value-added products and services to our customers. The expansion of our non-life insurance portfolio could not have come at a better time as it provides our customers both health and wealth protection and complements our existing wealth management offering.”

IDFC FIRST Bank has a digital-first approach and serves customers through its state-of-the-art netbanking platform and an intuitive, user-friendly mobile app, which complement its nationwide branches, ATMS and loan centers.

SBI General is one of the fastest growing private general insurance companies, with the strong parentage of SBI.

About TNM NewsDesk

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The News Mill is a Guwahati-based digital media with focus on content from across Northeast India and beyond. We can be reached through editor@thenewsmill.com

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