Union Bank revamps Insurance distribution channels post amalgamation

Public sector lender Union Bank of India has revamped its distribution network for insurance products after amalgamation and expanded the number of insurers whose policies it would sell to nine.    

The outlets of bank will offer Insurance products of three life insurers; four general insurers and two standalone health insurers. Expansion of insurance distribution channel will help the bank increase insurance penetration.

Bank executives said Reliance General Insurance is no longer part of tie-up under new arrangement. The lender earned about Rs 128 crore through sale of Third Party products on standalone basis, predominantly insurance policies (life, health and