Bajaj Allianz General Insurance in tie-up with SIB

CHENNAI: Bajaj Allianz General Insurance has entered into an agreement with Kerala-based South Indian Bank for distributing their range of general insurance products.

Bajaj Allianz Chief Executive Officer Kamesh Goyal and SIB Chairman and CEO V A Joseph exchanged the MoU in this regard here on Wednesday.

Goyal expressed hope that the association with SIB would give the company a good distribution reach in Kerala."This is our first tie-up with a Kerala-based bank. SIB has an exceptional base of NRI clients and we've planned to cater to that segment," he added.

Bajaj Allianz had devised a bancassurance module, which was a customised one and met the needs of its various bank partners. The customised software was capable of handling over one million transactions.

Bajaj Allianz had forged tie-ups with 15 banks ranging from PSU, private sector, foreign, cooperative and district co-operative banks and expecting 15 per cent of premium generating from bancassurance, Goyal said.

SIB zeroed in on Bajaj Allianz for the tie-up as it had settled maximum number of claims.

The bank had recently recruited 100 employees and was planning to increase the headcount by another 400 this year.

Stating the average age of the employees would be 25 years, he said the bank was celebrating 2007 as 'Year of Youth' with the aim of attracting young clients.