Indian Bank Enters into a Corporate Agency Agreement with Chola MS
Updated On Oct 26, 2020
A premier public sector bank, Indian bank has signed up a corporate agency agreement with (Chola MS) Cholamandalam MS General Insurance Company Ltd. to distribute Chola MS’ insurance products to the customers of India Bank.
Under the agreement, the company Chola MS’ insurance products ranging from health, personal accident, travel, motor insurance, and home insurance will be sold through traditional and digital platforms to the customers of Indian Bank.
The Managing Director and Chief Executive Officer of Indian Bank, Ms. Padmaja Chunduru expressed her thoughts on the occasion saying, “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 fulfil the non-life insurance needs of bank’s customers."
About Indian Bank
One of the leading public sector banks of India, Indian Bank has pan India presence with 9,786 touch points inclusive of 2,872 domestic branches; 3,022 BCs; and 3,982 BNAs or ATMs. Established as a part of Swadeshi movement on 15th August 1907, the bank was nationalised on July 1969.
About Chola MS
A joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Company Ltd Japan, Chola MS offers a wide range of insurance products. These include motor insurance, home insurance, travel insurance, health insurance, property insurance, accident insurance, engineering insurance, and crop insurance for individuals and corporates.
About Murugappa Group
One of the country’s leading business conglomerates, Murugappa Group was founded in the year 1900. With 28 businesses in all, Murugappa Group is headquartered in Chennai. Carborundum Universal Ltd., Coromandel Engineering Company Ltd, Wendt (India) Ltd., Cholamandalam MS General Insurance Company Ltd., Tube Investments of India Ltd., Parry Agro Industries Ltd, Cholamandalam Financial Holdings Ltd., Shanthi Gears Ltd., and TI Financial Holdings Ltd. are some of the major companies of the Group.