UCO Bank signs ‘bancassurance’ pact with SBI Life Insurance

Chandigarh: UCO Bank, one of the leading public sector banks in India and SBI Life Insurance, one of the most trusted private life insurers in the country, today entered into a bancassurance pact making holistic insurance solutions accessible to customers in UCO bank’s 3,086 branches spread across the country. 

The agreement was signed by Mr. Nidhu Saxena, General Manager-Retail Banking, MSME & Bancassurance Business, UCO Bank and Mr. Ashwani Kumar Shukla, Regional Director-Kolkata region, SBI Life Insurance.

SBI Life has been continuously strengthening its distribution footprint in the country by building meaningful association with banks, corporate agents, brokers, insurance marketing firms, and others. With this partnership, SBI Life insurance aims to further extend availability of insurance coverage for the larger populace. 

Speaking on the partnership, Mr. Ravindra Kumar, President – Zone III, SBI Life said, “Partnership with world class institutions dedicated to serve the nation is key to realize the dream of universal insurance coverage. The tie-up with UCO Bank is a step in this direction, which will help boost SBI Life’s reach to new customers across geographies, bringing them under the ambit of Life Insurance. With UCO Bank’s extensive network and presence in the country and SBI Life’s digitally enabled services, we will be able to make holistic insurance solutions easily accessible to a wider audience. This partnership provides collaboration opportunities for both the entities to leverage on each other’s strength for the benefit of consumers.”

Mr. Atul Kumar Goel, Managing Director & CEO, UCO Bank on the occasion said “Our aim has always been to continuously create greater values for our customers. With these new tie-ups we would now be offering a much wider range of Insurance products. We intend to deliver greater value through customer beneficial offerings both in terms of product pricing and their features”. 

Mr. Ajay Vyas, Executive Director, UCO Bank speaking on the occasion said “These new tie-ups enables the Bank to reaffirm our commitment to our customers for their financial well-being through providing comprehensive Insurance solutions. Also, we would digitise and automate the customer interface which would add to ease of customers in availing these facilities”.