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Shriram General Insurance and City Union Bank signed corporate agency agreement

City Union Bank (CUB) and Shriram General Insurance inked an agreement in a corporate setup to offer Shriram General Insurance’s insurance products through its network of 727 offices throughout India. According to this arrangement, Shriram General Insurance will provide customers of the bank with personal lines of insurance products including auto, personal injury, house, and travel insurance as well as business lines of insurance goods like property, marine, and engineering insurance.

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Key Points:

  • According to a press release, the arrangement would improve customer experience by utilizing technology and enhancing the services offered by the bank.
  • For general insurance, life insurance, and health insurance, the Insurance Regulatory and Development Authority (IRDAI) has allowed banks to form alliances with three different corporations. The bank and Shriram Insurance have recently formed a partnership.
  • In the beginning, the bank collaborated with the broking company Bharat Re Insurance Brokers (of the Shriram Group) to handle customers, assess risks, and settle claims. However, this is no longer present.

About City Union Bank Partnerships:

  • The bank had partnerships with Start Health and LIC for health insurance as well as life insurance.
  • The bank has recently partnered with Shriram General Insurance for general insurance and will soon form a deal with Royal Sundaram.
  • In order to become India’s largest retail NBFC, the group announced the consolidation of all credit operations under one roof.
  • The group’s holding company, Shriram Capital, and Shriram Transport Finance are merging.
  • Shriram Capital will now transfer its ownership of distinct organisations for its stakes in the life and general insurance industries.

Important Takeaways for All Competitive Exams:

  • Shriram General Insurance MD and CEO: Anil Kumar Aggarwal
  • City Union Bank MD and CEO: N Kamakodi

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