Bajaj Allianz, Canara Bank join hands

Leading public sector bank Canara Bank and private general insurance firm Bajaj Allianz  on Saturday have signed a corporate agency agreement for the distribution of Bajaj Allianz’s general insurance products.

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 5,920 branches of Canara Bank across India.

Both have set a target to achieve Rs 400 crore business in the first year (FY 2017-18) of operations. Speaking on the occasion, Canara Bank MD and CEO Rakesh Sharma said, “Today, two great institutions with more than 100 years of experience are coming together for a longstanding partnership. This collaboration represents transparency, values and service with customer interest at heart. This tie-up will especially benefit our customers who will get easy access to a rich bouquet of innovative products to cover their valuable assets created out of bank finance and also benefit from the expert risk management knowledge of Bajaj Allianz.” 

On the occasion of the alliance,  Bajaj Allianz General Insurance Chairman Sanjiv Bajaj said, “It’s a great opportunity for us to join hands with Canara Bank. This collaboration between two brands is for and towards the interest of common people.”

On the occasion, Canara Bank Executive Director P V Bharathi handed over Bajaj Allianz General Insurance a cheque for first premium of Rs 25,74,630 for insurance of assets financed by Canara bank for the states of Karnataka, Tamil Nadu and Kerala.