Birla Sun in marketing pact with co-op banks

Birla Sun Life Insurance has tied up with five co-operative banks to increase its market in the tier II cities. In the north, the company has tied up with Lucknow based Indian Mercantile Co-operative Bank which has 11 branches in Uttar Pradesh.

In Bhopal, it has entered into an agreement with Krishna Mercantile Cooperative Bank, while in Mumbai it has tied up with Thane Bharat Sahakari Bank, which has a network of 12 branches and has received licence to operate ten more branches in Maharashtra.

In the eastern part of the country, the company has tied up with Dimapur- based Nagaland State Cooperative Bank having a network of 25 branches and Jamshedpur Urban Cooperative Bank, which has two branches in Jamshedpur.

"We are replicating the our bancassurance model with key co-operative banks which offer tremendous opportunities for life insurance sales in hitherto untapped customer segments," said Nani Javeri, CEO, Birla Sun Life in a statement.

At present, the company has tie ups with Citibank, Deutsche Bank, IDBI Bank, Catholic Syrian Bank, Karur Vysya Bank, Development Credit Bank and HBL Global.