Tamilnad Mercantile Bank (TMB) has tied up with Cholamandalam MS General Insurance Company Ltd and Max Life Insurance Company to offer insurance products through the bank.
This would take the total number of TMB’s bancassurance partnerships to four. Briefing reporters here, Krishnan S, MD & CEO, TMB said customers can avail the insurance products of both the insurance companies through their bank’s app soon.
“We wanted to be a supermarket for financial services, where under one roof customers will be able to get all the products and services,” he said.
Queried about the business that the bank would generate through the bancassurance products, he said, “I look more from the perspective of customers, which will give a lot of benefits and advantages to the bank in the long run that cannot be measured. Customers will have more choices to choose from.”
V Suryanarayanan, managing director, Chola MS General Insurance said, the insurance includes coverage for farmers, SME units and small businesses.
Currently, in the bancassurance segment, we add about one lakh customers every month, he added. V Viswanand, deputy managing director, Max Life said, two-third of their business comes through partnerships with banks.
