KVB In Pact With Bajaj Allianz To Hawk Insurance Products

Chennai, January 24: | Updated: Jan 25 2003, 05:30am hrs
Karur Vysya Bank Ltd (KVB) on Friday signed an agreement with Bajaj Allianz General Insurance Company Ltd for distribution of insurance products through its branches. This would cover a wide range of general insurance products including health insurance.

Addressing a press conference here, Mr PT Kuppuswamy, chairman of the bank, said, Through this tie-up, KVB will be able to distribute insurance products to its customers. We are planning to train nearly 150 employees of the bank for the purpose. As of now, the bank has identified about 10 employees to offer necessary training.

Initially, the insurance products would be distributed through about 20 branches of the bank and then over a period of time, depending upon the response, it would be made available through other branches. KVB has nearly 212 branches with 43 branches in rural areas. The bank is hopeful of collecting a premium of Rs 25 crore during the first full year of operation.

He said the bank is in the process of networking all its computerised branches by implementing flexcube software, a core banking solution from i-Flex Solutions. We have implemented the software in a branch in Chennai and intend to implement it in five more branches by end-February. The bank will then extend it to other branches in batches over a period of time after solving the teething problems, if any, he said.

KVB is planning to add 50 more ATMs to the existing 17 by the end of this fiscal.

The bank would also be tying up with a private sector bank within the next couple of days for sharing their ATMs to offer anytime, anywhere services to its customers.