Canara Bank and Apollo Munich Health Insurance (AMHI) have entered into a bancassurance tie-up. This is the first such tie-up for the insurance company in its six years of existence.
Bancassurance is distribution of insurance products through a bank’s network.
With this tie-up, AMHI products will be distributed in over 4,200 branches of Canara Bank, which will act as a corporate agent for selling these products.
Canara Bank will also utilise it business correspondents’ network to take health insurance to unbanked areas, R.K.Dubey, Chairman and Managing Director of the bank, said.
Antony Jacob, Chief Executive Officer, AMHI, had in July this year said that the company was looking seriously at a bancassurance tie-up to improve distribution.