HDFC ERGO General Insurance and Federal Bank, announced a tie-up.
December 05, 2018, Mumbai: HDFC ERGO General Insurance and Federal Bank, announced a tie-up for the distribution of HDFC ERGO’s range of non-life insurance products to its customers through its network branches across the country.
Commenting on the tie-up, Anuj Tyagi, Executive Director and Chief Distribution Officer, HDFC ERGO said, “Our Bancassurance practice over the years have matured to offer comprehensive insurance solutions to end customers both digitally and physically, which benefits them in many ways.”
The two entities have joined hands and entered into a corporate agency partnership to offer comprehensive general insurance products through the network of Federal Bank’s more than 1250 branches spread across the entire country.
Jose K Mathews, Executive Vice President and Head Retail Business, Federal Bank said, “This alliance marks the reaffirmation of our commitment towards our customers’ financial well-being by providing them with comprehensive insurance solutions.”
Tyagi added, “Our alliance with Federal Bank is an important milestone and allows us to collaborate and expand our reach by offering our insurance products to a wider audience across the country through the banks branches and digital network. It is our constant endeavour to make our products more widely available for the consumers from all sections of the society and we see immense opportunity in our association with Federal Bank."
The bank with its pan India network and technological edge comes as an advantage for HDFC ERGO. This will enable Federal Bank to offer their customers’ a comprehensive solution for all their financial requirements through insurance under a single roof.
Further, Methews told, “Our aim has always been to create greater value for our customers and the tie up with HDFC ERGO will give our customers access to a host of general insurance services which are designed to address their needs. We are delighted to announce HDFC ERGO as our Bancassurance partner.”
Many insurance propviders have tied-up with banks across the country to provide insurance through financial institutions and this will increase the market penetration through the existing customer base and access to wider range of products within the bank. Besides providing banking services banks can sell insurance too.