Canara Bank and The New India Assurance Co. Ltd enter into Corporate Agency Arrangement for distribution of Insurance Products

Posted by: at 6/09/2017 10:56:00 pm

ü  6000+ Canara bank branches across the nation to offer The New India Assurance Co. Ltd. products
ü  Allows Canara Bank to offer best in class non-life insurance products to its customers across metros and tier – II and III cities
ü  Strengthens distribution network of The New India Assurance Co. Ltd

Canara Bank and The New India Assurance Co. Ltd enter into Corporate Agency Arrangement for distribution of Insurance Products


Bangalore, June 9, 2017: Canara Bank, one of the largest Public Sector Banks in the country and The New India Assurance Co. Ltd, India’s largest general insurance company today signed corporate agency agreement for the distribution of The New India Assurance Co.’s general insurance products through Canara Bank’s extensive network of 6000+ branches across the country.

While Shri Lalit Vaid, General Manager, Marketing & R R Wing, HO signed the Corporate agency agreement on behalf of the Bank, Shri R M Singh, General Manager, Bancassurance Dept, HO executed the agreement on behalf of the Insurance Co., in the presence of top Executives from Bank & Insurance Co. Under this strategic agreement The New India Assurance Co. Ltd will offer its industry leading general insurance products to the customers of Canara Bank. A bouquet of personal lines of products such as Motor Insurance, Home Insurance, Health Insurance, Travel Insurance and commercial line of products such as Fire Insurance, Marine Insurance and Engineering Insurance will be available through branches of Canara Bank.

The partnership aims to provide best-in-class general insurance products to Canara Bank Customers at highly competitive rates. The extensive branch network of the Bank and the Insurance Co. will facilitate insurance penetration and smooth post sales service of policies.

About Canara Bank:
Founded as 'Canara Bank Hindu Permanent Fund' in 1906, by late Sri. Ammembal Subba Rao Pai, a philanthropist, this small seed blossomed into a limited company as 'Canara Bank Ltd.' in 1910 and became Canara Bank in 1969 after nationalisation. Today, Canara Bank is one of the leading public sector Banks in the country with a global business of Rs. 8.37 lac crore business and a clientele base of over 77.9 million as at 31.03.2017.

Canara Bank has over 6000+ branches and over 10000 ATMs covering the length and breadth of the country. Known for its customer oriented approach, Bank has introduced several alternate banking channels like State of art Net Banking, Mobile Banking and other Mobile Apps like UPI Mpower, Mserve, Canara Swipe, Canara Cart etc. These initiatives are taken to promote cashless economy, in tune with the objectives of Govt. of India.

The Bank was conferred with the following Major Awards/ Accolades recently:

·         Golden Peacock Award 2016 under CSR activities
·         SKOCH Award 2016 for SME Enablement
·         SME Excellence Award for Best SME lending during 2015-16 by ASSOCHAM
·         MSME Excellence Award 2017 by Federation of Industrial Trade and Services (FITS)
·         SKOCH Order of Merit and Silver Awards 2016 for Bancassurance during 46th SKOCH Summit
·         ASSOCHAM Social Banking Excellence Awards 2016

About The New India Assurance Co Ltd.
Incorporated on July 23rd, 1919 & founded by Sir Dorab TATA, The New India Assurance Co. Ltd was nationalized in 1973. New India Assurance Co Ltd, today, is a 100 % Govt owned multinational general insurance company operating in 28 countries with 2400 branches and headquartered at Mumbai, India. With a global business crossed Rs.22279 Cr., The New India Assurance Co. is the No.1 General Insurance Co. in the country. The New India Assurance Co. is the only direct insurer in India rated A (Excellent – Stable outlook) by AM Best. "CRISIL has reaffirmed its ' AAA/STABLE ' rating on The New India Assurance Company Limited indicating that the company has the Highest degree of Financial strength to honour its Policyholders obligations". The New India Assurance Co. is leading the market, apart from premium, in reserves & net worth for many years. In 2016-17, the Co. reported a profit after Tax of Rs. 1008 Cr. New India has over 19,000 employees and around 60,000 tied agents providing insurance services to its customers. The New India Co. has over 170 products catering to almost all segments of general insurance business. Provided cover to Petrochemical, oil & energy industries, power & steel plants, aviation fleets, satellites, large projects & infrastructures, SMEs and are present in all forms of commercial, retail & Rural sectors.  New India Assurance is on a robust core insurance platform, with a central data base and has an integrated grievance management system synchronized with that of the regulator.


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