On June 21, 2021, SBI (State Bank of India) General Insurance inked a bancassurance partnership with IDFC (Infrastructure Development Finance Company) FIRST Bank for selling its non-life insurance products. In this regard, a corporate agency agreement was signed between both the entities.
- Through this agreement SBI general insurance will access the IDFC first bank’s larger customer base resulting in wider penetration of its insurance products through the latter’s digital first approach.
What is Bancassurance?
It is a collaboration between insurance company and bank under which the former sells the insurance products to the bank’s customer base. This will benefit the bank too as it gets a commission amount from the insurance company.
Key Points:
i.As per the agreement the SBI General Insurance will offer insurance products such as health, personal accident, home, motor, and travel. It will also offer insurance products in commercial lines such as property, marine, and engineering insurance, to the bank’s customers.
ii.This insurance company aims to enhance the selling of insurance products in India by ensuring access to all.
Recent Related News:
State Bank of India (SBI) signed a loan agreement of $1 billion with the Japan Bank for International Cooperation (JBIC) to provide loans for the whole range of business operations of the Japanese automobile manufacturers in India.
About IDFC First Bank:
Establishment– In 2018, by merging erstwhile IDFC Bank and former Capital First.
Managing Director (MD) & CEO (Chief Executive Officer)– V. Vaidyanathan
Headquarters– Mumbai, Maharashtra
About SBI general insurance:
Managing Director (MD) & CEO (Chief Executive Officer)– Prakash Chandra Kandpal
Headquarters– Mumbai, Maharashtra
Tagline– Suraksha Aur Bharosa Dono
