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| State Coop Bank ties-up with ICCI Lombard | | | Early Times Reporter
Srinagar | Oct 22
The Jammu and Kashmir State Cooperative Bank (SCB), the Jammu and Kashmir Government owned Apex Cooperative Bank in the State today announced the beginning of their strategic comprehensive partnership with ICCI Lombard.
The banc-assurance partnership has been established in view of the new guidelines of RBI, allowing all banks to embark upon the non fund business activities.
Announcing the partnership, Chairman J&K State Cooperative Bank Abdul Haque said that the need of the hour was to provide complete and trustworthy financial solution under a single roof.
J&K State Cooperative Bank (SCB), received partnership proposals from seven leading Insurance Companies of Country, which include, Bajaj Allianz , ICCI Prudential, Aviva Life Insurance, Reliance Life, Reliance General Insurance, Met Life and ICC Lombard. At an impressive function held here Tuesday Haque told media, "Our customers are always looking at investing in innovative products and this initiative will help us provide world-class products from India's leading insurer, besides offering excellent service levels. The products of ICICI Lombard are customer centric and its service levels are excellent and we look forward to offering them to our customers."
He said, "This Bancassurance agreement marks a positive development in our business expansion strategy and is the first step in what we are confident would be a long-term relationship between our bank and ICCI Lombard. This partnership will enable us to channelise savings of our depositors in a manner that is both safe and rewarding, even as it provides them security against the unforeseen contingencies. Our partner's internationally benchmarked training processes, flexible product suite, service excellence and financial strength will ensure that we are able to bring the true value of insurance to our customers."
The chairman said, "We are looking forward that ICCI Lombard will tailor its products according to the needs and affordability in the rural areas of our state. Important factors like education of children, daughter's marriage and flexible premium payment options will be taken into account while planning the products for customers of the bank. All processes and procedures will be simplified to improve customer experience."
Speaking on the occasion, Country Head ICICI Lombard said, "Our philosophy is to partner with organisations, which have long-lasting, trust-based relationships with their customers and build distribution capabilities, around the partner's area of strength. of the J&K State Cooperative Bank (SCB), with its expertise in the area, is an ideal partner for us. We are sure this partnership will help Bank's customers reach us through a channel they already trust."
He said ICCI Lombard was pleased to embark on this bancassurance tie-up with J & K State Cooperative Bank. "This partnership will not only help us leverage the inherent synergies in different districts of Jammu and Kashmir but also bolster our commitment to serving people of this State," he added.
The management of the J&K State Cooperative Bank after evaluating all the proposals, IRDA approval, network of the companies, claim settlement procedures, services and track record gave a nod to distribute ICICI Lombard's property protection, business investments, retirement solution and health insurance products to their customers across the state.
With this bancassurance partnership, State Cooperative Bank can now offer their customers the added benefit of insurance solutions from ICICI Lombard Products.
The tie-up will also substantially strengthen ICICI Lombard presence in the state.
Bancassurance is a distribution channel where insurance companies tie-up with banks to market insurance products to customers' of that bank.
Under this alliance J & K State Cooperative Bank will make the wide rage of ICCI Lombard General insurance products and services available to its customers through its network of branches across the State.
J&K State Cooperative Bank was established 40 years ago in the state.
J&K State Cooperative Bank has a rural and regional base and is playing a vital role, in its area of operation, for improving the financial position of the ordinary people, particularly from the agriculture sector. |
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