| The Goa State Co-operative Bank has tied up with Aviva Life Insurance for bancassurance, with the objective of increasing its customer service portfolio through a revenue-sharing agreement.
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| The five popular insurance products that would be made available to the customers include whole life, savings and unit linked insurance policies, among others. Aviva Life Insurance in India is a joint venture between Dabur and Aviva.
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| The chairman of the Goa State Co-operative Bank, Ramchandra Mule, said that 30 per cent of the premium on the insurance is sold through the bank would form the bank’s commission.
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| “The previous tie-up of the bank with ICICI Prudential did not work out which provided a commission of 10 per cent to the bank on the insurance premium,” he said.
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| Mule said that the insurance company has trained the staff in the 65 branches of the bank to conduct the insurance transactions, and would place its representative in each branch.
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| He also informed that one development officer each would be made available for north and south district of Goa, who would be in charge of coordinating the insurance work.
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| Replying to a question, Mule said that the Sarvatra Card scheme launched by the bank two years ago, did not function well and hence had to be terminated. “The bank had to face a loss of Rs 16 lakh due to the failure of this scheme,” he pointed out.
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| He also informed that presently the non performing assets (NPAs) of the bank constitute 28 per cent of its total assets. There is a possibility of bringing the NPAs down to 15 per cent, Mule said. |
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