Reliance General Insurance Company Limited (RGI), a subsidiary of Reliance Capital Limited has signed a comprehensive Bancassurance – Corporate Agency agreement with YES BANK, India’s 5th largest private sector Bank, with the objective to distribute multiple general insurance products to the customers of YES BANK, further augmenting its distribution network.
YES BANK with its extensive network of 1040 high-quality branches across all 29 states and 7 union territories of India will enable Reliance General Insurance to reach a large base of Retail and MSME clients. This is the first partnership signed by the bank since the open-architecture norms under the Corporate Agency regulations were introduced by IRDAI in April 2016.
Commenting on this alliance, Mr. Rana Kapoor, Managing Director & CEO, YES BANK said, “YES BANK is pleased to partner Reliance General Insurance to offer a bouquet of General Insurance products to our customers. With this alliance, we remain committed to leveraging our Pan-India branch network to capitalize on the immense opportunities in the Indian bancassurance market. “
Commenting on the partnership, Mr. Anmol Ambani, Executive Director, Reliance Capital said, “We are delighted to tie-up with a fast-growing and customer centric partner like YES Bank. The bancassurance channel has potential to reach out to the last mile and serve untapped markets thereby promoting the insurance penetration in India. With the alignments of our brands, people and processes, we hope to better serve our customers.”