Karnataka Bank signs MoU with Bajaj Allianz General Insurance for Insurance Business

Team Udayavani, Mar 11, 2017, 10:59 AM IST

Mangaluru: Karnataka Bank entered into a Memorandum of Understanding (MoU) with Bajaj Allianz General Insurance Co Ltd for General Insurance business on Friday.

Corporate Agency Agreement was inked today at the Head Office of Karnataka Bank by Bajaj Allianz General Ins. Co Ltd [BAGICL] and Karnataka Bank.  Speaking on the occasion, P Jayarma Bhat, Managing Director, CEO of the Bank said “Customers needs are changing and increasing on day to day basis and it is necessary to every Service Sector entity to stand up to the expectation of its customers.  Bank is moving in this direction and today entered in to a MoU with Bajaj Allianz General Ins. Co Ltd.  Bank will be able to provide vast choice of Non-Life Insurance products to its customers across all its 747 branches, supported by the customer centric products of BAGICL” he said.  He also emphasized the need of improving the insurance business and its need in covering the assets of the customer where in the interest of all the concerned is protected.

Tapan Singhel, Managing Director and CEO of BAGICL who was present on the occasion said, “The partnership is an important part of our growth strategy which requires a robust distribution network and this will be possible as Karnataka Bank is having its existence at every nook and corner of the country.”  Further he added, “This is an alliance of two likeminded organizations that are looking at offering technological innovations and best in class risk management practices”.   He also added that BAGICL will strive hard to create customized insurance solutions for the Bank’s customers and is committed for reaching a new benchmark in claim settlement process.

With 93 years of Banking experience and one among the prominent first generation private sector banks, Karnataka Bank is expanding its existence at a rapid pace at all directions.  With technology driven banking and customer centric products, bank is also providing various third party products to its customers under one roof.

Mahabaleshwara MS, Chief General Manager, Raghurama,                              Raghavendra Bhat M, Chandrashekar Rao B, Subhaschandra Puranik General Managers and others were present on the occasion on behalf of the Bank.  Similarly, T A Ramalingam Chief Distribution Officer, Milind Chaudhuri, CFO, and others dignitaries were present from Bajaj Allianz General Ins. Co.