Kolkata: UCO Bank and SBI Life Insurance on Monday announced to enter into a ‘bancassurance’ pact making holistic insurance solutions accessible to customers in UCO Bank’s 3,086 branches spread across the country.
The agreement was signed by Nidhu Saxena, General Manager-Retail Banking, MSME & Bancassurance Business, UCO Bank and Ashwani Kumar Shukla, Regional Director-Kolkata region, SBI Life Insurance.
Atul Kumar Goel, Managing Director & CEO, UCO Bank said “Our aim has always been to continuously create greater values for our customers. With these new tie-ups we would now be offering a much wider range of Insurance products. We intend to deliver greater value through customer beneficial offerings both in terms of product pricing and their features”.
Ravindra Kumar, President – Zone III, SBI Life said, “The tie-up with UCO Bank is a step in this direction, which will help boost SBI Life’s reach to new customers across geographies, bringing them under the ambit of Life Insurance.”
He further said, ”With UCO Bank’s extensive network and presence in the country and SBI Life’s digitally enabled services, we will be able to make holistic insurance solutions easily accessible to a wider audience. This partnership provides collaboration opportunities for both the entities to leverage on each other’s strength for the benefit of consumers.”
Ajay Vyas, Executive Director, UCO Bank said “These new tie-ups enable the Bank to reaffirm our commitment to our customers for their financial well-being through providing comprehensive Insurance solutions. Also, we would digitise and automate the customer interface which would add to ease of customers in availing these facilities”.
SBI Life has been continuously strengthening its distribution footprint in the country by building meaningful association with banks, corporate agents, brokers, insurance marketing firms, and others. With this partnership, SBI Life insurance aims to further extend availability of insurance coverage for the larger populace.