HDFC ERGO enters into bancassurance tie-up with SVC Bank

HDFC ERGO General Insurance Company and Shamrao Vithal Co-operative (SVC) Bank today announced their bancassurance agency partnership to provide range of non-life insurance offerings to the customers of the bank. The partnership combines HDFC ERGO’s experience in introducing innovative non-life insurance products with SVC Bank’s customer base across various states. “The alliance is an important

milestone for us as bancassurance is an important part of our growth strategy. It is our endeavor to continuously innovate and make our products more widely available to consumers from all sections of the society,” HDFC ERGO managing director and chief executive Ritesh Kumar said. SVC Bank has 194 branches in 10 states including Maharashtra, Karnataka, Tamil Nadu, Andhra Pradesh, Gujarat, Goa, Delhi, Madhya Pradesh, Rajasthan, and Haryana.

HDFC ERGO:

HDFC ERGO General Insurance Company Limited is a joint venture between HDFC Ltd. and ERGO International AG, a Germany-based company.

ERGO is a part of the Munich Re Group that stands among the largest insurance companies of the world with an asset share of over Rs. 9,00,000 crores.

HDFC Ltd. holds 51 per cent stake in the insurance venture, while the balance 49 per cent lies in the hands of ERGO.

Headquarters: Mumbai

CEO: Ritesh Kumar

Founded: 2002

Shamrao Vithal Co-operative Bank:-

HQ : Mumbai

Founded : 1906