Canara Bank, a public sector bank, and Bajaj Allianz General Insurance, a private general insurance company, have signed a corporate agency agreement for the distribution of Bajaj Allianz’s general insurance products.
Both have set a target to achieve Rs 400 crore business in the first year (FY 2017-18) of operations by utilising Canara Bank’s 5,920 branch network spread across the country.
Rakesh Sharma, MD & CMD, the Bank, said under this agreement, Bajaj Allianz General Insurance will offer its products to Canara Bank customers.
A bouquet of personal lines of products are motor insurance, home insurance, health insurance, travel insurance and commercial line of products such as fire insurance, marine insurance, and engineering insurance.
Speaking on the occasion, Sanjiv Bajaj, Chairman, Bajaj Allianz General Insurance, said “it’s an opportunity for us to join with the Bank. This collaboration between two iconic brands is for and towards the interest of common people.”
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