Reliance General Enters 'Bancassurance' Deal with Co-Operative Bank

Non-life insurer Reliance General Insurance Company Ltd on Tuesday announced a bancassurance tie-up with Shamrao Vithal Co-operative Bank (SVCB).According to Reliance General, it will distribute its insurance products to the customers of SVCB having a network of 194 branches.

"We are delighted to have SVC Bank on board. This tie-up will enable RGI (Reliance General Insurance) to leverage SVC Bank's unparalleled retail and SME (small and medium enterprises) pan-India customer base, robust distribution network and strong brand name," Rakesh Jain, CEO, Reliance General was quoted as saying in the statement issued by the company.

"This is the fourth big partnership we have had in bancassurance. We have already tied-up with IndusInd Bank, Bank of India and Andhra Bank and expect to boost our top line by upto 10% through these tie-ups and alliances," said Jain.

Bancassurance tie-up forms an important part of Reliance General's growth strategy and the company has been forging strong alliances with various banks to enhance its distribution footprint in the country.This move follows the recent IRDA guidelines that allow a bank to tie-up with multiple insurance companies as its bancassurance partners and help banks offer a well-rounded portfolio of insurance products to its customers.