Future Generali India Life Insurance and Saraswat Bank foray into its Bancassurance Partnership

Future Generali India Life Insurance (FGILI) and Saraswat Bank today entered  into its bancassurance partnership. Munish Sharda, Managing Director & CEO,  FGILI and S.K. Banerji, Managing Director, Saraswat Bank signed an agreement to this effect in Mumbai today. Under this agreement, Saraswat Bank will offer FGILI’s customised solutions to its customers, through its extensive network of over 250 branches, its sales force across the country as well as through their digital platforms. The objective of this partnership is to reach out to their customers, thereby improving the insurance protection gap and strengthening the distribution network of FGILI.

Speaking on this alliance, Munish Sharda, Managing Director & CEO, Future Generali India Life Insurance said, “We are extremely excited with our partnership with Saraswat Bank. This partnership is in line with our strategy to grow our business on the back of simple, customer-centric solutions and need-based sales process. Saraswat Bank through its 283 branches enjoys excellent relationships with its clients, and we are looking forward to be a solid partner with them in their growth endeavour.”

Mr. S.K. Banerji, Managing Director, Saraswat Bank said, "We are glad to have Future Generali as our Life Insurance Partner offering life insurance solutions. Their offer to work closely with the Bank in ensuring that the customers have very competitive terms and best possible service, shall benefit the customers immensely”.

This bancassurance partnership will be extended across all bank branches covering six major states - Maharashtra, Gujarat, Madhya Pradesh, Karnataka, Goa and Delhi.

Future Generali India Life Insurance Company Ltd. is a joint venture between Future Group - the leading retailer of India, Assicurazioni Generali - a global insurance group and one of the world’s 50 largest companies* - a leading NBFC.

GENERALI GROUP

The Generali Group is one of the largest global insurance providers with 2014 total premium income exceeding €70 billion. With 78,000 employees worldwide serving 72 million insured persons in more than 60 countries, the Group occupies a leadership position on West European markets and an increasingly important place on markets in Central Eastern Europe and Asia. In Asia, the Group operates in 10 markets: China, Hong Kong, India, Indonesia, Japan, Malaysia, Philippines, Singapore, Thailand and Vietnam. Generali ranked among the world’s 50 smartest companies in 2015 according to the MIT Technology Review. Generali is the only insurer to be listed.

Future Group

Future Group operates some of India’s most popular retail chains including Central, Big Bazaar, Food Bazaar, Home Town and eZone. Apart from its allied businesses in Life and General insurance, the Group is also present in the domain of logistics infrastructure and supply chain and brand development. The group operates over 17 million square feet of retail space in over 90 cities and towns and 60 rural locations across India. The group’s retail formats connect over 300 million customers to over 30,000 small, medium and large enterprises that supply products and services to its retail chains. Future Group believes in developing strong insights on Indian consumers and building businesses based on Indian ideas, as espoused in the group’s core value of ‘Indianness.’ The group’s corporate credo is, ‘Rewrite rules, Retain values’.

SARASWAT BANK

Saraswat Bank, the No.1 Co-operative Bank in India, has achieved a Total Business (Deposits plus Advances) of Rs. 50,000 crore on 31st March, 2016 and is the first Bank in the Urban Co-operative Banking Sector in India to cross the landmark of the total business level of Rs. 50,000 crore. 

Saraswat Bank is the premier and largest among the 1579 Urban Co-operative Banks in India, established in 1918. The Bank has received a pan-India permission and presently has branches spread across six states. The  Bank has a permanent license to deal in foreign exchange. It is an authorized dealer in foreign exchange since 1979.

The Bank has matched strides with India’s digital revolution through a varied range of user-friendly technological products like mobile banking, internet banking, international VISA EMV and RuPay chip cards, etc. The Bank offers third party products such as mutual funds, insurance schemes, demat accounts, etc. The Bank is the first co-operative bank to offer online broking services to its demat account holders through a 3-in-1 account.