IDBI Bank Ltd. entered into a bancassurance corporate agency agreement with The New India Assurance Co. Ltd. on June 14, 2019, to offer a range of general insurance products to the bank’s customer base through its nationwide branch network.
The partnership aimed to provide insurance solutions tailored to mitigate various risks and offer financial protection against unforeseen events to IDBI Bank’s more than 20 million customers across over 1,850 branches.
Rakesh Sharma stated that the partnership with The New India Assurance, one of India’s largest non-life insurance companies, would strengthen customer offerings in terms of pricing, product variety, and service delivery. He added that the collaboration would also contribute to improving fee-based income for the bank.
According to the bank, The New India Assurance Co. Ltd. held a significant share in India’s general insurance segment and had a strong domestic as well as international presence.
Atul Sahai said the partnership with IDBI Bank would help both organisations leverage their extensive networks and technological integration to improve customer service and claims settlement efficiency across India.
As part of the agreement, a customised personal accident insurance policy named Suraksha Kavach was launched. The product was introduced to provide financial protection against accidental risks and was expected to be made available to customers alongside a broader suite of insurance offerings.
The companies stated that IDBI Bank’s strong presence in rural and semi-urban markets would help extend access to insurance products to a wider customer base. Customers would also benefit from New India Assurance’s expertise in risk assessment, extensive distribution network, and claims servicing infrastructure.
The partnership was also expected to support deeper penetration of general insurance products across different customer segments, including individuals and businesses, through integrated banking and insurance services.
