State-owned lender Canara Bank and Bajaj Allianz General Insurance, a private sector general insurer, have signed corporate agency agreement for the distribution of Bajaj Allianz’s general insurance products through Canara Bank’s extensive network of 5,920 branches across the country.
- Under this strategic agreement, Bajaj Allianz GI will offer its industry’s leading general insurance products to the customers of Canara Bank.
- The partnership aims to provide enhanced customer experience by leveraging technology to augment the comprehensive range of third party products and services distributed by the bank.
- Demonetisation to have a short-term effect on insurance cos: SBI Private non-life insurer SBI General Insurance said that demonetization of currency notes will have a short-term effect on general insurance companies.
- Demonetisation of currency notes will have a short-term effect on general insurance companies SBI General Insurance senior vice president and chief financial officer Rikhil Shah.
- Companies with larger agency channel may see an impact in the short period. This could be true for rural insurance and micro insurance covers, which have smaller premiums.
- The industry might see a dip in premium in the immediate short term, especially in tier II and III cities.
CANARA BANK
- Canara Bank is an Indian state-owned bank headquartered in Bangalore, Karnataka. It was established at Mangalore in 1906.
- The government nationalized the bank in 1969.
- Ammembal Subba Rao Pai, a philanthropist, established the Canara Hindu Permanent Fund in Mangalore, India, on 1 July 1906.
- Rakesh Sharma is Managing Director and CEO of Canara Bank.
