Indian Overseas Bank (IOB), a major public sector bank has signed a bancassurance agreement for distribution of non-life offerings with SBI General Insurance Company in the presence of Indian Overseas Bank MD&CEO Partha Pratim Sengupta and SBI General Insurance Co Ltd MD & CEO P.C. Kandpal. Through the alliance, SBI General will offer a range of general insurance solutions and innovative products to IOB customers. IOB operates from Chennai, with 3200 Plus branches across the country and with overseas presence. Speaking on the occasion, Partha Pratim Sengupta MD & CEO, Indian Overseas Bank said, “We are delighted to partner with one of the leading players in General Insurance businesses- SBI General Insurance. We will efficiently nurture it to be a long running mutually beneficial relationship. This tie-up will help expand our bouquet of Insurance product to our consumers.
He further added, “The partnership will improve penetration in urban, Tier II, and Tier III markets and will also help create awareness about personal lines of insurance to IOB Customers”.