Reliance General Insurance has tied up with Catholic Syrian Bank to expand its distribution network, aimed at boosting the company’s topline by up to 15 per cent. Until March 2016, Reliance General Insurance had only UCO Bank as its bancassurance partner that contributed about 2 per cent sales.
“April 2016 onwards, we added many banking partners to sell our policies. In 2015-16, our business from bancassurance stood at Rs 50 crore. In current fiscal ending March, we aim to earn about Rs 200 crore through this channel,” Reliance General Insurance (RGI) CEO Rakesh Jain said.
The company plans to boost the topline by up to 15 per cent through these tie-ups and alliances with sharp focus on selling retail products including motor, home, health and travel insurance; and commercial products like fire, marine and engineering insurance, said a company statement.
Part of Reliance Capital, the company has ties with Bank of India, IndusInd Bank, Andhra Bank, SVC Bank, Doha Bank and Bank of Bahrain & Kuwait. As part of Reliance General-Catholic Syrian Bank tie-up, RGI will offer its products to latter’s 1.5 million customers base spread across 430 branches in Kerala, Tamil Nadu and Maharashtra, it said.
“This tie-up will enable RGI to leverage Catholic Syrian Bank’s unparalleled retail and SME customer base,” Jain said. CVR Rajendran, MD & CEO, Catholic Syrian Bank said: “The corporate alliance will enable our customers’ banking and insurance needs under one roof.