The enlarged UBI is now offering customers with insurance products of three life insurance firms, four non-life insurance companies, and two independent health insurers
UBI has an enlarged insurance distribution network following merger with Andhra Bank and Corporation Bank. (Credit: Free-Photos from Pixabay)
Union Bank of India (UBI) has expanded its distribution network for insurance products following the amalgamation of two other Indian public sector banks – Andhra Bank and Corporation Bank with it.
The enlarged Indian public sector bank, which has more than 9,500 branches in the country, is now offering customers with insurance products of three life insurance firms, four non-life insurance companies, and two independent health insurers.
Details of the expanded insurance distribution network of UBI
UBI has been offering life insurance solutions from SUD Life Insurance, India First Life Insurance, and Life Insurance Corporation of India. On the other hand, it is catering to customers needing non-life insurance products through its partnerships with Bajaj Allianz General Insurance, New India Assurance, United India Insurance, and Chola MS General Insurance.
UBI said that it is offering its customers with health insurance solutions from Religare Health Insurance and Manipal Cigna Health Insurance.
According to the public sector bank, by continuing with the corporate agency tie-ups, it can enable uninterrupted post-sales services to the policyholder customers of Andhra Bank and Corporation Bank.
UBI stated: “Post-amalgamation, the bank has decided to continue corporate agency agreement with India First Life Insurance Company Limited and LIC of India under Life Insurance segment, United India Insurance under General Insurance segment and Manipal Cigna Health Insurance under Health Insurance Segment.”
The Indian public sector bank further said that the expansion of its insurance distribution channels will enable it to boost its insurance penetration by creating awareness of insurance among its customers.
In August 2019, the Indian government announced that 10 public sector banks will be merged into four larger and stronger banks.