Bajaj Allianz ties-up with Kalupur Bank to sell 45 products in Guj

Ahmedabad, Mar 27 (UNI) Bajaj Allianz General Indurance today signed a MoU with Gujarat-based Kalupur Commercial Co-operative Bank for distribution of general insurance products, mainly to the bank's clients through its 31 branches, including one at Mumbai.

Addressing a joint press conference here, Bajaj Allianz national coordination (institutional relationship) chief Atanu Singh Mukherjee and Kalupur Bank's Managing Director Dinesh Amin said, the agreement relates mainly to transfer of the bank's database for the insurance company to sell the insurance products to the bank's customers under one roof.

Mr Mukherjee claimed his company was a pioneer in introducing Bancasurance model in India to have entered into 12 such tie-ups at regional levels with private and public sector, co-operative, foreign, district co-operatives and regional rural banks.

He said the company has so far rolled out 45 products in the country and is keen to all of them, but mainly to provide insurance cover to the bank's customers taking loan for automobiles, property, including industries.

Dr Amin said the agreement would help his bank insure advances through Bajaj Allianz, as well as generate some fee-based income.

Bajan Allianz has so far sold three million policies, having garnered a premium income of Rs 1,000 crore in a single financial year in January. It earned a profit after tax of Rs 34 crore last year.

The company is settling about 10,000 claims every month, having paid over Rs 250 crore as claims so far, he said.

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