19 June, 2006
Royal Sundaram Alliance Insurance Company Ltd. has entered into a corporate agency agreement with ING Vysya Bank for distribution of general Insurance products. The Corporate agreement was signed between the two companies on 15th June 2006. Mr. Antony Jacob, Managing Director - Royal Sundaram, handed over the agency license to Mr. Vaughn Richtor, Managing Director & CEO - ING Vysya Bank.
ING Vysya Bank will distribute Health, Personal Accident, Motor, Travel and Home insurance products through the banks' extensive branch network and further increase insurance penetration in the SME and rural segments. This will further strengthen the relationship between both the partners, thereby helping them achieve far greater efficiencies both in terms of its reach to customer as well as scaling up the partnership.
Commenting on the partnership, Antony Jacob MD, Royal Sundaram says:
"Royal Sundaram strives to understand the needs of its customers and provide solutions to cater to those needs. With ING Vysya's prominent presence in major metros, smaller cities and towns, this partnership will be a great enabler in providing easy access to insurance solutions to the wider customer network. We have a clear focus on the need for insurance for the Indian customer and will be able to provide customised products to suit these needs."
Mr. Vaughn Richtor, Managing Director & CEO- ING Vysya Bank says: "We are delighted to partner with Royal Sundaram, which gives us the opportunity to promote non banking financial products to our customers under one roof. We are looking to grow our retail business and provide value adding products and services to our customers".