[sbinews] SBI to distribute New India products in Karnataka (Businessline)
- From: "Rajendra S. Pai" <rspai9@xxxxxxxxx>
- To: sbinews@xxxxxxxxxxxxx
- Date: Sun, 18 Apr 2004 20:05:20 -0700 (PDT)
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SBI to distribute New India products in Karnataka
Our Bureau
Bangalore , April 18
STATE Bank of India, Bangalore Circle, has announced
its tie-up with New India Assurance Company Ltd
(NIAC), for distribution of NIAC's general insurance
products in Karnataka.
SBI, which has a network of 214 branches, launched its
bancassurance service in Bangalore with 26 personnel
trained for the distribution of the products. It will
extend the business to other parts of the State after
providing training to its staff in other branches.
SBI, which already has a life insurance arm of its
own, has now ventured into the non-life insurance
through bancassurance.
Since the tie-up between the two organisations in
October 2003 nationally, the NIAC has generated a
premium income of Rs 3 crore from the sales of its
products through SBI in Chennai, Hyderabad and Bhopal.
The formal launch of the bancassurance was made in
January this year.
Announcing the launch in Bangalore here, Mr P.K.
Mitra, Chief General Manager of SBI, Bangalore Circle,
and Mr A.V. Purushothaman, Director and General
Manger, NIAC, said the products would be targeted at
small and medium enterprises.
NIAC, with a Rs 4,000-crore premium mark, hopes to
expand its reach in Karnataka through SBI's
distribution network. The State accounted for a
premium revenue of Rs 200 crore last year and this is
expected to grow by 11 per cent this year. NIAC, with
an aggregate premium income of Rs 4,000 crore, out of
the total Rs 15,800 crore, has a market share of 27
per cent.
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