Bajaj Allianz General Insurance and Canara bank tie-up

State-owned lender Canara Bank and Bajaj Allianz General Insurance, a private sector general insurer, have signed corporate agency agreement for the distribution of Bajaj Allianz’s general insurance products through Canara Bank’s extensive network of 5,920 branches across the country.

  • Under this strategic agreement, Bajaj Allianz GI will offer its industry’s leading general insurance products to the customers of Canara Bank.
  • The partnership aims to provide enhanced customer experience by leveraging technology to augment the comprehensive range of third party products and services distributed by the bank.
  • Demonetisation to have a short-term effect on insurance cos: SBI Private non-life insurer SBI General Insurance said that demonetization of currency notes will have a short-term effect on general insurance companies.
  • Demonetisation of currency notes will have a short-term effect on general insurance companies SBI General Insurance senior vice president and chief financial officer Rikhil Shah.
  • Companies with larger agency channel may see an impact in the short period. This could be true for rural insurance and micro insurance covers, which have smaller premiums.
  • The industry might see a dip in premium in the immediate short term, especially in tier II and III cities.

CANARA BANK

  • Canara Bank is an Indian state-owned bank headquartered in Bangalore, Karnataka. It was established at Mangalore in 1906.
  • The government nationalized the bank in 1969.
  • Ammembal Subba Rao Pai, a philanthropist, established the Canara Hindu Permanent Fund in Mangalore, India, on 1 July 1906.
  • Rakesh Sharma is Managing Director and CEO of Canara Bank.

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