To offer retail and rural insurance products through Bank’s 1,896 branches
Expects to grow Bancassurance business by 80% by FY18
Future Generali India Insurance Company Limited (FGII), a joint venture between Future Group - the game changers in Retail Trade in India and Generali – a 186 years old global insurance group, has entered into a corporate agency tie-up for its products with Bank of Maharashtra, one of the leading Public Sector banks in India. With this association, the banks’ customers will be able to avail motor, home, Shopkeeper and rural insurance products at any of the 1,896 branches of the bank.
Anurag Sinha, Senior VP – Bancassurance and Zonal Manager - West exchanged the Corporate Agency Agreement with Ravindra Prabhakar Marathe, MD & CEO, Bank of Maharashtra on 25th January 2017.
K. G. Krishnamoorthy Rao, MD and CEO, Future Generali India Insurance Company Limited commented on the occasion, “Bancassurance is one of the key avenues to distribute insurance products across wider audience. An association with Bank of Maharashtra which is one of the largest banks in India, will aid us in building a strong outreach network for our customers. Our focus is to offer customised products, best customer service and sustain the trust of customers of the bank.”
Shri Ravindra Prabhakar Marathe, MD & CEO, Bank of Maharashtra, commented on this tie-up, “Through this partnership, we aim to immensely benefit our customers by providing them an ease of access while choosing from a diverse range of non-life insurance products, all under one roof. We hope to continue to create huge value for our customers on a long term basis and are optimistic that the corporate agency arrangement will be a success.”
Anurag Sinha, Senior VP – Bancassurance and Zonal Manager – West, Future Generali India Insurance Company Limited said, "We are delighted to partner with Bank of Maharashtra and look forward to the journey to achieve our objective to be a trusted insurer. Through this association, we expect to touch and cover 15 million customers of the bank with our value added products and services.”
Currently Bancassurance accounts for 5% of Future Generali’s total business. It has tie-ups with over 100 banks across the country. Strengthening business across all the partner banks coupled with the new association of Bank of Maharashtra, the company aims to achieve a growth of 80% by end of FY18.
ABOUT FUTURE GENERALI INDIA INSURANCE COMPANY LIMITED
Future Generali India Insurance Company Limited is a joint venture between Future Group – the game changers in Retail Trade in India and Generali – a 186 years old global insurance group featuring among the world’s 50 largest companies*. The company was incorporated in September 2007 with the objective of catering to a country which was on the threshold of explosive expansion. Future Generali India has been aptly benefitting from the Indian expertise and network of Future Group and the global insurance insight in diverse product classes of Generali Group. It provides a comprehensive solution to customers and enterprises through retail, commercial, personal and rural product offerings. Having firmly established its credentials in this segment, Future Generali, effectively leveraging on the skill set of both its JV parents, has evolved to become a Total Insurance Solutions Company.
*As per Fortune Global 500 Ranking (2015)