Chola MS, IndusInd Bank renew bancassurance partnership for 5 years

Chola MS General Insurance and IndusInd Bank Ltd have renewed their corporate agency arrangement for a period of five years. This decade-long partnership has garnered around Rs 37 billion in the past five years and serviced close to half a million customers during the last financial year alone.     

SS Gopalarathnam, managing director of Chola MS, said that the insurer has embarked on various digital initiatives to help IndusInd Bank offer more products and services across customer segments of the consumer banking division. 

The instant policy issuance process has led to better customer retention and satisfaction for the bank and the benefits of cost reduction have been passed on to the end customer, he said. During the next few months, the partnership is geared to roll out more innovative digital insurance solutions, especially in claims servicing, which will ensure the adoption of more products per customer. 

Chola MS offers a wide range of insurance products across motor and non-motor lines of business through IndusInd Bank's outlets across India. It targets to double its premium over the next five years.