Bank of India will offer its customers a variety of general insurance products from The New India Assurance Co., following an agreement between the companies which was announced on Thursday.
The partnership aims to make insurance more accessible to the bank's customers, by taking advantage of Bank of India's network of 5,200 branches across the country and New India Assurance's expertise in the insurance field.
With this tie-up, Bank of India's customers will have access to insurance solutions, including health, motor, personal accident, home, and commercial insurance products offered by NIACL, a systemically important insurance company, the public sector's bank's release stated.
“The tie-up is a step forward in offering comprehensive insurance solutions under one roof,” said Bank of India's Managing Director and Chief Executive Officer Rajneesh Karnatak.
The New India Assurance's Chairman and Managing Director Girija Subramanian expressed confidence that the partnership will enhance insurance penetration for Bank of India customers and provide them with quality service and protection.
In the alliance, Bank of India brings to the table, its wide network of branches, while New India Assurance has over 100 years of excellence in the general insurance sector. This makes “this partnership a powerful alliance in India's bancassurance ecosystem”, the release added.
Shares of Bank of India closed 2.73% higher at Rs 108.27 apiece on the BSE, while that of The New India Assurance Co. closed 0.06% higher at Rs 158.55 apiece, compared to a 0.41% advance in the benchmark Sensex.
—With PTI inputs
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