Cholamandalam MS appoints IndusInd Bank as corporate agent
By Our Corporate Bureau | 16 Nov 2007
Chennai: Chennai-based non-life insurer Cholamandalam MS General Insurance Company Limited has appointed IndusInd Bank Limited as its corporate agent.
Under the agreement, IndusInd Bank would sell insurance policies of Cholamandalam MS General to its customers.
According to M Anandan, managing director, Cholamandalam MS General, the company hopes to earn a minimum premium of Rs250 crore over a period of three years out of this tie up.
Officials say 70 per cent of the insurance business procured by IndusInd Bank will be of motor insurance and the rest a mix of health, travel, corporate, and other policies.
During the first phase, IndusInd Bank will enable 150 of its 172 branches to sell the insurance products.
The insurance company would train the bank officials in the insurance subject so that they get the agency licence.
