SBI Life Insurance, Karur Vysya Bank enter into Corporate Agency tie-up
The pact aims to provide comprehensive insurance solutions and services to the bank customers
Chennai, 10th April 2023 –SBI Life Insurance, one of the most trusted private life insurers in the country, entered a corporate agency tie-up with Karur Vysya Bank (KVB), a bank that carries with it a tradition of 100+ years, headquartered in Karur, Tamil Nadu. The objective behind the strategic partnership is to make comprehensive insurance solutions & services of SBI Life Insurance easily accessible to the bank customers across bank branches in India.
The agreement was signed by Mr. Santhoshkumar M R - Head Third Party Product, Karur Vysya Bank and Mr. Ganesh V, Regional Director - Andhra Pradesh, SBI Life Insurance in presence of Mr. Abhijit Gulanikar, President-Business Strategy, SBI Life Insurance; Ms. Sweetie Shetty, EVP & Chief of Institutional Alliances (Acquisitions) & CSG, SBI Life Insurance; Mr. Anurag Misra, Senior Vice President – Institutional Alliances, SBI Life Insurance; Ms. Swati Singh, Associate Vice President – Institutional Alliances, SBI Life Insurance and other respected dignitaries.
With more than 799 Karur Vysya Bank branches across the country, the corporate agency tie-up will offer insurance solutions to Karur Vysya Bank’s customers. Through this tie-up SBI Life aims to address customer’s rising need for protection, savings, pension, credit life and health solutions among others through its diverse range of insurance solutions, thereby ensuring greater reach and penetration.
This collaboration will not only provide financial protection to Karur Vysya Bank’s customers, but also allow them to leverage SBI Life's value-added services which are digitally enhanced for customer’s convenience. With innovation and consistency, the partnership aims to offer best of both worlds to the customers.
Speaking about the partnership, Mr. Mahesh Kumar Sharma, MD & CEO, SBI Life Insurance, said, “Partnership alliances provide a boost to the insurance sector by making holistic insurance solutions accessible to the larger populace across the country. We are thrilled to collaborate with Karur Vysya Bank, that brings with it vast experience of over a century, adding value to their customers. We look forward to strengthening the financial immunity of Karur Vysya Bank's customers with our value-packed life insurance solutions and tech-enabled services. We are confident that the partnership will further enable us to expand the insurance market across the bank’s presence in the country.”
Commenting on the arrangement, Shri B Ramesh Babu, MD & CEO of Karur Vysya Bank said, “KVB with its tradition spanning over 105 years is a major player, particularly in the States of Tamil Nadu, Andhra Pradesh, Telangana and Karnataka. KVB offers the entire range of financial services through tie ups with leading service providers. In an attempt to offer a wider choice to its customers in the life insurance sphere, KVB has today inked an agreement with SBI Life Insurance. I am sure that together both of us will be able to provide not just choice but quality options to the customers in the days to come.”