Reliance General Insurance Company Limited (RGI), a subsidiary of Reliance Capital, has signed a comprehensive Bancassurance - Corporate Agency agreement with YES Bank with the objective to distribute multiple general insurance products to the customers of the bank.
With its network of 1040 branches across all 29 states and 7 union territories of India, YES Bank will enable Reliance General Insurance to reach a large base of retail and MSME clients.
This is the first partnership signed by the bank since the open-architecture norms under the Corporate Agency regulations were introduced by Insurance Regulatory and Development Authority of India (IRDAI) in April 2016.
According to these norms, banks can sell products of three life, non-life and standalone health insurers each.
“With this alliance, we remain committed to leveraging our Pan-India branch network to capitalize on the immense opportunities in the Indian bancassurance market," said Rana Kapoor, Managing Director & CEO, YES Bank.
Reliance General is a 100 percent Indian-owned general insurance entity. It is also planning to list on the stock exchanges and has filed the draft prospectus for an initial public offering with Securities and Exchange Board of India.
“The bancassurance channel has potential to reach out to the last mile and serve untapped markets thereby promoting the insurance penetration in India. With the alignments of our brands, people and processes, we hope to better serve our customers,” said Anmol Ambani, Executive Director, Reliance Capital.
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