Yes Bank signs distribution agreement for Reliance General Insurance products

Reliance Capital said its subsidiary Reliance General Insurance Company signed an agreement with YES BANK to distribute general insurance products to the customers of YES BANK.

YES BANK is India’s 5 th largest private sector Bank with a network of 1040 branches across and will act as a corporate agent of the insurance company.

The deal will enable Reliance General Insurance to reach a large base of Retail and MSME clients, the Anil Ambani Group company said.

This is the first partnership signed by the bank since the open-architecture norms under the Corporate Agency regulations were introduced by IRDAI in April 2016, it said.

“With this alliance, we remain committed to leveraging our Pan-India branch network to capitalize on the immense opportunities in the Indian bancassurance market,” said Rana Kapoor, Managing Director & CEO, YES BANK.

Reliance General Insurance Company is 100% owned by Reliance Capital and offers a wide range of general insurance products like fire, motor, health, home, crop, travel etc. The Company has distribution agreements with major banks including IndusInd Bank, Catholic Syrian Bank, Andhra Bank and Bank of India.

In FY17, the company insured over 3 million farmers under Pradhan Mantri Fasal Bima Yojna.

Commenting on the partnership, Mr. Anmol Ambani, Executive Director, Reliance Capital said, “We are delighted to tie-up with a fast-growing and customer centric partner like YES Bank. The bancassurance channel has potential to reach out to the last mile and serve untapped markets thereby promoting the insurance penetration in India. With the alignments of our brands, people and processes, we hope to better serve our customers.”