Mumbai: Future Generali India Insurance Company Limited (FGII), the general insurance arm of the joint venture between retail giant Future Group and global insurer Generali, has added Nainital Bank Ltd as its corporate agency partner in the scenic state of Uttarakhand. Nainital Bank Ltd has 132 branches and has presence also in the state of Uttar Pradesh, Rajasthan and NCR besides Uttarakhand. The bank has mixed bag of customers; right from the elites to rural mass in the interiors of Uttarakhand. With this tie-up, the customers of Nainital Bank would be able to buy insurance policies from the bouquet of products offered by Future Generali and experience delightful customer service.
The company already has seven othertie-ups in this region with Almora Urban Co Operative Bank Ltd, Tehri Garhwal Zila Sahakari Bank Ltd, Chamoli Zila Sahakari Bank Ltd, Nainital District Co Op Bank Ltd, Dehradun District Co-Op Bank Ltd, Udham Singh Nagar Co-Op Bank Ltd and Zila Sahakari Bank Ltd, Garhwal, Kotdwar. Through these tie-ups, the company will majorly focus on its rural insurance and micro insurance portfolios, which will be capitalized as per the requirements of the banks’ customers. Theywill be able to avail policies to cover livestock, tractors, vehicles and health of self and family through these banks.
K.G. Krishnamoorthy Rao, MD and CEO, Future Generali India Insurance Company Limited commented, “Bancassurance channel acts as a win-win proposition both for insurance companies as well as the customers. On one hand it helps a company to expand its distribution footprint, on the other hand the customers from remote locations can avail insurance products through this. Through our tie-ups in Uttarakhand region, we will strengthen our position in Northern part of India.”
Anurag Sinha, Head – Bancassurance, Future Generali India Insurance Company Limited Said, “It is our privilege to have tie up with Nainital Bank. In last 2 years, we have added multiple private, rural and cooperative banks in our bouquet of Bancassurance partners.Going forward, we want to capitalize on this tie-ups to increase insurance penetration to a wider section of the society.”
Currently Bancassurance accounts for 5% of Future Generali’s total business. Strengthening business across all the partner banks coupled with the new association of Nainital Bank, the company aims to achieve Bancassurance contribution to 20% by 2020.