SBI and IOB signs bancassurance agreement

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SBI and IOB CEOs are seen posing for a photograph after signing the banacassurance
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The SBI General Insurance and Indian Overseas Bank (IOB) have signed a bancassurance agreement for the distribution of non-life offerings. Through the alliance, SBI General will offer a range of general insurance solutions and innovative products to IOB customers.

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IOB operates from Chennai, with 3200 Plus branches across the country and with an overseas presence.  

Speaking on the occasion, MD and CEO of SBI General Insurance PC Kandpal said, “Our association with IOB shall further strengthen our reach and will help us in achieving another milestone for our mission of insuring Bharat. IOB’s extensive reach in the Tamil Nadu region will help in the wide distribution of products to customers in the region. With this tie-up, we will offer well researched, unique, and customer-friendly products to IOB customers.”

He further adds, “The partnership will improve penetration in urban, Tier II, and Tier III markets and will also help create awareness about personal lines of insurance.”

MD &CEO, Indian Overseas Bank Partha Pratim Sengupta said, “We are delighted to partner with one of the leading players in General Insurance businesses- SBI General Insurance. We will efficiently nurture it to be a long-running mutually beneficial relationship. This tie-up will help expand our bouquet of Insurance product to our consumers.

SBI General Insurance closed the financial year 2019-20 with a Gross Written Premium of Rs. 6840 cr at a YoY growth of 45%.

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