Universal Sompo General Insurance, a non-life insurer, has announced its Bancassurance partnership with West Bengal State Cooperative Bank to distribute insurance products and provide security to the customers of the bank. This partnership will ensure borrowers, in the event of any unfortunate occurrence during the loan’s repayment term. In addition, the bank will provide its customers with affordable insurance options from Universal Sompo General Insurance, including health insurance, group credit protection, cyber insurance, and personal accident plans.
According to the partnership, West Bengal State Cooperative Bank will distribute Universal Sompo’s customizable general insurance products, to its customers, through its network of 43 branches. Universal Sompo General insurance company is aiming to leverage the bank’s extensive rural network to drive up insurance penetration in the State.
Sharad Mathur, Managing Director & Chief Executive Officer, Universal Sompo General Insurance said, “Our bancassurance alliance with West Bengal State Cooperative Bank is going to be extremely beneficial for the natives of West Bengal as they will now have access to a comprehensive range of insurance solutions through their trusted banking partner. At Universal Sompo, it is our constant endeavour to provide need-based customised insurance products to the customers that bring them peace of mind and safeguard their interests in case of any uncertain events.”
Manasij Mukherjee, MD & CEO of West Bengal State Cooperative Bank said, “The association with Universal Sompo General Insurance will help our bank to offer wide range of insurance products to our customers and help us provide a holistic financial protection. We truly believe in the welfare of our customers and therefore our objective is to always offer products which are high value for them. This new venture will be helpful for both the organisations and enable us to serve the social objective of the country.”
Features of some of the products that Universal Sompo General Insurance Company would offer to the customers of West Bengal State Cooperative Bank, as follows:
- Personal Accident (Rakshak) – Customisable for self-help groups & similar account holders. This product will provide insurance coverage to the economically weaker sections of society at affordable prices.
- Cyber Insurance – As an increasing number of Indians enter the digital realm. This product aims to minimize the vulnerability of a larger section of the populace who have exposure to digital threats, while also contributing to the mission of digital India.
- Group credit protection policy – This product offers customisable coverages for bank borrowers, providing coverage to customers against eventualities and helping banks secure loans while also reducing NPAs.