Tata's team up with Maharashtra's Sangli Bank

New Delhi, Sep 5 (UNI) Tata AIG Life Insurance Company Limited and Tata AIG General Insurance Company Limited today tied up with The Sangli Bank Limited, one of the oldest private sector banks in Western Maharashtra.

Under this alliance, Sangli Bank will make the Tata AIG Life and Tata AIG General insurance products and services available to its customers through its network of 189 branches across India.

''This initiative will enable us to expand our product suite and offer our insurance services to a larger cross section of society.

Our intention is to reach out to the masses that have had none or very little access to organised financial services,'' Tata AIG General Insurance Chief Operating Officer Michael Carlin said.

The relationship will enable both insurance companies to leverage the strong India network of the Sangli bank and boost the distribution reach of their products in the semi-urban and rural parts of the country.

''We are extremely pleased to embark on this bancassurance tie-up with Sangli Bank, one of the oldest private sector banks. Together with Sangli Bank, we are well positioned to provide for the growing rural market for life insurance,'' Tata AIG Life Managing Director Trevor Bull said.

''We are joining hands with Tata AIG, one of the leading private sector insurance companies, for offering further financial solutions to our customers. The products offered for sale will suit the requirements of our customers and we are confident about the grand success of this partnership,'' Sangli Bank General Manager S R Godbole said.

He further mentioned that to maintain top of the line service standards, the bank has trained 75 people in this new area, for marketing the products of Tata AIG.

Tata AIG Life is a joint venture company, formed by the Tata Group and American International Group (AIG). The Tata Group holds 74 per cent stake in the insurance venture with AIG holding the balance 26 per cent. Tata AIG Life provides insurance solutions to individuals and corporates.

Tata AIG General is a also joint venture between the Tata Group and American International Group (AIG). Tata AIG combines the strength and integrity of the Tata Group with AIG's international expertise and financial strength. The Tata Group holds 74 per cent stake in Tata AIG, general while AIG holds the balance 26 per cent stake.

The company offers insurance for automobile, home, personal accident, travel, energy, marine, property and casualty.

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