# Business

SBI General, Indian Overseas Bank forges bancassurance pact

The partnership will improve penetration in urban, tier II, and tier III markets.

SNS | New Delhi | March 1, 2021 1:58 pm

SBI General, Indian Overseas Bank forges bancassurance pact

SBI General Insurance and Indian Overseas Bank (IOB) has signed a bancassurance partnership for selling its non-life products.

“Through the alliance, SBI General will offer a range of general insurance solutions and innovative products to IOB customers,” SBI General said in a release on Monday.

“Our association with IOB shall further strengthen our reach and will help us in achieving another milestone for our mission of insuring Bharat.

“IOB’s extensive reach in Tamil Nadu region will help in wide distribution of products to customers in the region. With this tie-up, we will offer well researched, unique, and customer-friendly products to IOB customers,” P C Kandpal, MD & CEO, SBI General Insurance said.

The partnership will improve penetration in urban, tier II, and tier III markets and will also help create awareness about personal lines of insurance, he said.

Chennai-headquartered IOB has over 3,200 branches across the country and also has overseas presence.

Partha Pratim Sengupta MD & CEO, Indian Overseas Bank said, “we will efficiently nurture it to be a long running mutually beneficial relationship. This tie-up will help expand our bouquet of insurance products to our consumers.