New Delhi, Nov 15: Private sector lender IndusInd Bank Ltd today said it has entered into a tie-up with Cholamandalam MS General Insurance Company Ltd, a joint venture between Murugappa Group and Japan-based Mitsui Sumitomo Insurance, targeting a revenue of Rs 100 crore in its first year of operation.
Through this alliance, Cholamandalam MS will get the support of a bank which has strong goodwill in the retail markets with a sizeable clientele base and, in turn, IndusInd Bank will complete its array of products required for its wealth management services to its customers, a statment said.
''Through this alliance our customers will now be able to access a full range of insurance products delivered efficiently at acceptable prices. This will have the twin advantages of strengthening our relationship with existing customers and helping us acquire new clients, '' IndusInd Managing Director and CEO Bank Bhaskar Ghose said.
In the first phase of the rollout plan, IndusInd Bank plans to enable at least 150 of its 172 branches to sell Cholamandalam MS policies. This will be implemented through a team of Indusind Bank professionals who will be trained by Cholamandalam MS in the best practices of insurance selling, the statement added.
These officers will also complete the mandatory 100-hour Insurance Regulatory Development Authority training and will be designated as 'insurance executives' at branches.