Kolkata: Shriram General Insurance Company Ltd. (SGI) has signed a corporate agency agreement with Contai Co-operative Bank to distribute its general insurance products through the bank’s 16 branches across Eastern India.
The tie-up will make SGI’s portfolio including motor, health, personal accident, and group personal accident policies available to the bank’s customer base. The partnership targets retail clients, MSMEs, and middle-income households in Purba Medinipur, Paschim Medinipur, Kolkata, and Hooghly, aiming to address low insurance penetration in semi-urban and rural areas.
Established in 1947, Contai Co-operative Bank is Eastern India’s largest urban co-operative bank, with over 82,000 members and assets exceeding Rs 2,013 crore. The bank is fully Core Banking System-enabled and offers digital services such as NEFT, RTGS, UPI, and mobile banking, providing a ready platform for insurance integration.
SGI, a joint venture between Shriram Group and Sanlam Group of South Africa, manages assets worth Rs 13,377 crore and has over 68 lakh live policies. The company operates 279 branches in 26 states and is exploring digital integration with the bank to streamline product access and policy servicing.
This agreement reflects a growing trend in India’s insurance sector, where bancassurance partnerships are being used to expand reach, especially in Tier-2 and Tier-3 cities. For SGI, the collaboration strengthens its footprint in Eastern India, while Contai Co-operative Bank gains the ability to offer customers both financial and risk protection solutions under one network.
Also Read: RBL Bank, CAMSPay Partner to Launch Payment Gateway with Merchant Settlement Services
Discussion about this post