Chola MS General Insurance Company entered into bancassurance partnership with Central Bank of India. For individuals, Chola MS has a variety of products in the category of Motor insurance, Health insurance, Travel insurance, Accident insurance & Home Insurance. Central Bank of India has 3,728 branches spread across the country, which will be used as a distribution channel for insurance products of Chola MS. The products will be customised for the bank in order to penetrate 75 per cent of the bank’s customer base.
Headquartered in Chennai, Chola MS Cholamandalam MS General Insurance Company Ltd. is a Joint Venture between Murugappa Group and Mitsui Sumitomo Insurance Group of Japan. Cholamandalam MS also offers a wide range of products that include Liability, Marine, Engineering, Property, and Rural insurance for corporates and individuals. In the financial year 2010-11, the insurer achieved gross written premiums (GWP) of Rs 968 crores. The company has around 113 branches and over 7500 agents across the country.
Recently, a lot of insurance companies and banks are entering into a bancassurance partnership, which allows banks to sell insurance policies to their customer base. As a distribution channel, it has grown exponentially in India since the entry of private insurance companies.
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