ING Vysya signs major tie-ups with co-operative banks

Mumbai, Apr 6 (UNI) ING Vysya Life Insurance has signed a whopping 44 tie-ups with co-operative banks in the states of Gujarat, Himachal Pradesh, Haryana, Karnataka, Kerala, Maharashra, Punjab, Rajasthan and Uttaranchal, for distributing its life insurance products.

A press release issued here today stated that the 44 banks, comprising one scheduled commercial bank, 32 urban co-operative banks (UCBs) and 11 district commercial co-operative bans (DCCBs), have a combined customer base of 10 million customers and 900-plus branches.

Apart from the co-op banks, ING Vysya Life has bank assurance tie-ups with ING Vysya Bank and Bharat Overseas Bank while alternate channels also include corporate agents in addition to co-operative banks.

Director, sales, ING Vysya Life, Kshitij Jain, said that they have focussed on creating a compelling business value proposition for the co-operative bank segment that allows them to enhance their financial services offerings to their customers as well as helps them to earn fee income.'' The alternate channels business division within ING Vysya Life is one of the fastest growing parts of the company and contributed 20 per cent to total premiums in 2005, pointed out the release.

UNI JJ PP AG1705