SBI General Insurance, one of the leading general insurance companies in India, has signed a corporate agency agreement with IDFC FIRST Bank for the distribution of non-life insurance Solution. 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.
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Under this strategic agreement, SBI General Insurance will offer insurance products such as health, personal accident, home, motor and travel along with the commercial line of insurance products such as property, marine and engineering insurance to the bank’s customers.
What is Bancassurance?
Bancassurance is a collaboration between the 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.
Important takeaways for all competitive exams:
- IDFC First Bank Establishment: 2018;
- IDFC First Bank MD & CEO: V. Vaidyanathan;
- IDFC First Bank Headquarters; Mumbai, Maharashtra;
- SBI general insurance MD & CEO: Prakash Chandra Kandpal;
- SBI general insurance Headquarters: Mumbai, Maharashtra;
- SBI general insurance Tagline: Suraksha Aur Bharosa Dono.