Future Generali India Insurance Company Limited (FGII), 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 UCO Bank, one of the Government owned commercial banks in India. Through the tie-up, Future Generali will offer its health and PA, motor, travel, home and rural insurance products across 3050 branches of UCO bank.
K.G. Krishnamoorthy Rao, MD and CEO, Future Generali India Insurance Company Limited exchanged the Corporate Agency Agreement with Ravi Krishan Takkar, MD and CEO, UCO Bank on March 15, 2017.
K.G. Krishnamoorthy Rao, MD and CEO, Future Generali India Insurance Company Limited commented on the occasion, "Bancassurance is a key medium to reach out to the masses. Customers can directly walk into the bank and seek advice from executives they have been trusting over the years. We aim to offer insurance products to bank's customers and enter new markets. The bank is headquartered in Kolkata and through this tie-up we aim to widen our customer outreach to Eastern India."
"We are motivated to partner with UCO Bank and look forward to the journey to achieve our objective of servicing customers in both urban and rural areas. Through this association, we expect to cover 26 million customers of the bank and abide by our aim of offering the best products to the customers," said Senior VP Bancassurance and Zonal Manager West, Future Generali India Insurance Company Limited, Anurag Sinha.
Currently Bancassurance accounts for five percent of Future Generali's total business. Recently, the company tied-up with Bank of Maharashtra.
Additionally, it has tie-ups with over 100 banks across the country. Strengthening business across all the partner banks coupled with the new association of UCO Bank, the company aims to achieve a growth of 80 percent by end of FY18.