City Union Bank ties up with Shriram General Insurance to distribute insurance products

Private sector lender City Union Bank (CUB) on Friday signed a corporate agency agreement with Shriram General Insurance to distribute the latter’s insurance products through its network of branches across the country. Under the agreement, Shriram General Insurance will offer personal lines of insurance products such as motor, accident, home and travel insurance along with commercial lines of insurance products such as property, marine and engineering insurance to the bank’s customers.

N Kamakodi, MD & CEO of CUB, said, “We are delighted to partner with Shriram General Insurance. We are of firm belief that the partnership will certainly bring the best of non-life insurance products to our customers.” CUB has always worked towards providing elaborate insurance product lines to its customers with new corporate agency tie-ups and the bank proposes to help the customers tide over all ups and downs, he said.

Shriram General Insurance Company is a joint venture between Shriram Capital, the holding company for the financial services business of the Shriram Group, and Sanlam Limited (headquartered in South Africa), a leading pan-African financial services group.

Anil Kumar Aggarwal, MD & CEO, Shriram General Insurance, said, “We are confident that this partnership will enable us to provide best-in-class insurance products to CUB customers, and take the customer experience to the next level. By leveraging technology, we will ensure digital, instant and seamless insurance experience to the bank’s urban as well as rural customers.”