“Vijaya Bank, the Bangalore based Public Sector Bank recently entered into a Corporate Agency arrangement with insurance behemoth Life Insurance Corporation of India for the distribution of Banassurance products of LIC of India which hitherto was being done on referral basis by the Bank.
Sri.H.S.Sheshadri, Regional Head, Vijaya Bank, Kochi said that the Corporate Agency agreement with Life Insurance Corporation of India offers immense scope to enhance value addition to the customers. With more than 8 million customers spread across over 1200 pan India CBS networked branches, the Bank will have enormous scope for catering to the varied Life Insurance Requirements of the customers through the quality products of LIC of India, he observed. The initial response has been encouraging with a large number of customers evincing interest in various LIC products being distributed by the Bank under the Corporate agency arrangement, he added.
Sri. S.Chandrasekar, Senior Divisional Manager, LIC of India said that the coming together of the two major entities has enabled them to combine and utilize the strengths of both the organizations for enhancing customer satisfaction and for serving the social objectives of the nation. He observed that even after a decade of opening up of the insurance sector, LIC remains the Market leader with a current market share of 75.68% in premium and 78.32% in the number of policies, through a network of 2048 branches and 1000 Satellite offices, adding that he was confident that the Corporate Agency Arrangement with Vijaya Bank will benefit the customers of Vijaya Bank immensely.”