Future Generali India Insurance company ltd., a joint venture between Future Group - the game changers in Retail Trade in India and Generali a 186 years old global insurance group, has entered into a corporate agency tie-up for its products with Bank of Maharashtra, one of the leading Public Sector banks in India. With this association, the banks' customers will be able to avail motor, home, shopkeeper and rural insurance products at any of the 1,896 branches of the bank.
Anurag Sinha, Senior VP - Bancassurance and Zonal Manager - West exchanged the Corporate Agency Agreement with Ravindra Prabhakar Marathe, MD and CEO, Bank of Maharashtra on 25th January 2017.
"Bancassurance is one of the key avenues to distribute insurance products across wider audience. An association with Bank of Maharashtra which is one of the largest banks in India, will aid us in building a strong outreach network for our customers," said MD and CEO Future Generali India Insurance, KG Krishnamoorthy Rao.
"Through this partnership, we aim to immensely benefit our customers by providing them an ease of access while choosing from a diverse range of non-life insurance products, all under one roof. We hope to continue to create huge value for our customers on a long term basis and are optimistic that the corporate agency arrangement will be a success," said MD and CEO Bank of Maharashtra, Ravindra Prabhakar Marathe.
"We are delighted to partner with Bank of Maharashtra and look forward to the journey to achieve our objective to be a trusted insurer. Through this association, we expect to touch and cover 15 million customers of the bank with our value added products and services," said Senior VP Bancassurance and Zonal Manager - West, Future Generali India Insurance, Anurag Sinha.
Currently Bancassurance accounts for five percent of Future Generali's total business. It has tie-ups with over 100 banks across the country. Strengthening business across all the partner banks coupled with the new association of Bank of Maharashtra, the company aims to achieve a growth of 80 percent by end of FY18.
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