Indian Bank, a premier Public Sector bank has entered into a corporate agency agreement with Cholamandalam MS General Insurance Company Ltd. (Chola MS) for distribution of the latter’s insurance products to Indian Bank customers.
Left to right:
Mr. Suryanarayanan V-President & Chief Operating-Officer – Chola MS
Gopalarathnam S S - Managing Director - Chola MS
Ms. Padmja Chunduru – MD & CEO Indian Bank
Mr. Shenoy Vishwanath V – Executive Director, Indian Bank
Devaraj D. - General Manager (RA & D/Marketing), Indian Bank
S. Ravi – General Manager (ITD)/CTO, Indian Bank
G.Palani Kumar – Chief Manager Bancassurance Department - Indian Bank
Under the agreement, Cholamandalam MS insurance products ranging from motor, home, health PA, and travel insurance, and SME & commercial line of business, such as fire, engineering and marine insurance, will be offered through traditional and digital platform to Indian Bank customers.
Speaking on the occasion, Ms. Padmaja Chunduru, Managing Director & Chief Executive Officer, Indian Bank, said, “We are delighted to partner with Chola MS for bringing best-in-class non-life insurance products to our customers. The partnership will greatly benefit our customers and through this alliance, our customers will get a wide range of innovative products to cover their valuable assets. Both Indian Bank and Chola MS seek to fulfill the non-life insurance needs of bank’s customers."
On this special occasion, Mr. SS Gopalarathnam, Managing Director of Chola MS said, “Today, two great institutions headquartered in Chennai123 are coming together for a longstanding partnership and we are privileged to be the General Insurance partner of choice for Indian Bank. By aligning the bank’s vision of commitment to excellence and focus on adding value to customer and mission “To be a Common Man’s Bank”, With Chola MS core brand essence of T3 (Trust / Transparency / Technology), we hope to bring forth unique customized products for the bank’s customers, empathetic claims services and robust technology integration to seamlessly provide a unique buying experience for Indian Bank customers. We are committed to working together with the Indian Bank team to ensure that customers have access to the best of insurance protection for their personal and business needs.”
About Indian Bank
Indian Bank is one of the leading Public Sector Banks having pan India presence with 9786 touch points comprising 2872 domestic branches, 3982 ATMs/BNAs and 3022 BCs. The Bank was established on 15th August 1907 as part of the Swadeshi movement and nationalized in July 1969. The bank came out with public offer in the year February 2007 and got listed on Stock Exchanges in India in the March 2007.
Indian Bank offers all kinds of Retail, Agriculture and MSME products and services to its customers along with its digital products
About Chola MS General Insurance
Chola MS General Insurance Company Limited is a Joint Venture between the Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan.
Chola MS offers a wide range of insurance products that include Motor, Health, Property, Accident, Engineering, Liability, Marine, Travel and Crop insurance for individuals and corporates. In FY 2018-19, the company achieved a Gross Written Premium (GWP) of INR 44,281 million. Chola MS currently has 143 branches and over 34,000 agents across the country.
Chola MS champions a brand philosophy called T3, which stands for Trust, Transparency, and Technology. It has also been consistently recognized and awarded by the Government of India, international entities and ratings agencies for its insurance service and delivery innovations.
About Murugappa Group
Founded in 1900, the INR 369 billion (36,893 Crores) Murugappa Group is one of India’s leading business conglomerates. The Group has 28 businesses, including nine listed Companies traded in NSE & BSE. Headquartered in Chennai, the major companies of the Group include Carborundum Universal Ltd., Cholamandalam Financial Holdings Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Shanthi Gears Ltd., Tube Investments of India Ltd., TI Financial Holdings Ltd. and Wendt (India) Ltd. Market leaders in served segments, including Abrasives, Auto Components, Transmission systems, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Bio-products and Nutraceuticals, the Group has forged strong alliances with leading international companies such as Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan Advanced Materials, Sociedad Química y Minera de Chile (SQM), Yanmar & Co. and Compagnie Des Phosphat De Gafsa (CPG). The Group has a wide geographical presence all over India and spanning six continents. Renowned brands like BSA, Hercules, Montra, Mach City, Ballmaster, Ajax, Parry’s, Chola, Gromor, Shanthi Gears and Paramfos are from the Murugappa stable. The Group fosters an environment of professionalism and has a workforce of over 50,000 employees.
For more details, please visit www.murugappa.com.