MAHARASHTRA STATE CO-OP BANK IN TIE-UP FOR BANCASSURANCE

Mumbai: Maharashtra State Co-operative Bank has entered into bancassurance tie-ups with Bajaj Allianz Life Insurance and Iffco-Tokio General Insurance to provide life insurance and general insurance facilities respectively.

The tie-ups will be limited to a referral arrangement, wherein the bank will refer its customers to the insurance providers. The revenue sharing would be on the basis of agency commission, which will vary from product to product.

Bajaj Allianz Life Insurance will provide life insurance solutions across rural and semi-rural customer base of the State Bank, said Mr Yogesh Gupta, Head Business Procurement, at a press conference.

Bajaj Allianz Life Insurance, a joint venture between Bajaj Auto and Allianz SE, has a market share of 10.8 per cent in India and has sold over 7 million policies. The tie up with Iffco-Tokio General Insurance will enable the bank’s customers to avail various types of insurance products such as vehicle insurance, property insurance, stock insurance and many such non-life insurance products.

Iffco-Tokio General Insurance, a joint venture between IFFCO and Tokio Marine and Nichido Fire Group, has a market share of 4.8 per cent and the tie-up would help it leverage the widespread network and customer base of the Maharashtra State Co-operative Bank, said Mr Vijay Mehrotra, Country Head (Retail).

Source: The Hindu Business Line, The Economic Times, The Tribune