On June 21, 2020 United Commercial Bank(UCO Bank) partnered with four insurers namely, SBI Life Insurance Company, the Oriental Insurance Company and Religare Health Insurance Company, Star Health and Allied Insurance Company to offer various insurance products for its customers.
- After this collaboration with 4 insurance firm, the total number of insurance company partnered with UCO bank increases to 6 from 2 insurance company.
About the tie up
- This tie up will help to re-establish the bank’s commitment to its customers for their financial well being.
- With this tie up the bank will offer a broad range of insurance products.
Note-The customer interface will be digitized to avail these features
UCO Bank signs ‘bancassurance’ pact with SBI Life Insurance
UCO Bank signs a ‘bancassurance’ pact with SBI Life Insurance to provide insurance solutions to the customers of UCO bank at its 3,086 branches spread across the country.
The agreement was signed by Nidhu Saxena, General Manager-Retail Banking, Micro, Small and Medium Enterprises(MSME) & Bancassurance Business, UCO Bank & Ashwani Kumar Shukla, Regional Director-Kolkata region, SBI Life Insurance.
What is bancassurance?
Bancassurance is a partnership between a bank and an insurance company, where the bank sells the tied insurance company’s insurance products to its clients.
About UCO bank:
Headquarters– Kolkata, West Bengal
Managing Director(MD) & Chief Executive Officer(CEO)– Atul Kumar Goel
About SBI Life Insurance Company:
Headquarters– Mumbai, Maharashtra
MD & CEO– Mahesh Kumar Sharma