Cholamandalam MS General Insurance Company Ltd (Chola MS) has entered into a strategic tie-up with IndusInd Bank Ltd for selling its products across all the branches of the bank.
Addressing a press conference in Chennai on Thursday, M Anandan, managing director, Chola MS, said, ?The increased economic activity coupled with the recent reforms in the general insurance market has increased the insurance penetration by 4.8% in 2006, virtually doubling in the last seven years.?? The tie-up is expected to bring in Rs 250 crore in premiums over the next three years, Anandan said.
?Our customers will now be able to access a full range of insurance products at acceptable prices. The tie-up will have the twin advantages of strengthening our relationship with existing customers and helping us acquire new clients,? said Bhaskar Ghose, managing director and CEO of IndusInd Bank
The market share of private sector players in the Rs 25,000- crore market is around 38% and the same will grow to 50% in the near future, Anandan said.
?Both the entities will develop co-branded products on health and travel to target the bank’s customers in a big way,? he added.
In addition to the 180 bank branches, IndusInd will also sell the insurance products through its 600 outlets of IndusInd Marketing and Financial Services, earlier known as Ashok Leyland Finance.