Cholamandalam MS General Insurance Company Ltd has entered into a corporate agency (non-life insurance) agreement with Oriental Bank of Commerce.
by Suman Gupta
Mumbai: February, 2017: Oriental Bank of Commerce, as part of its 75th anniversary celebrations, announced the signing of a corporate agency agreement with India’s leading general insurance provider, Cholamandalam General Insurance Company Ltd, for distribution of the latter’s insurance products.
Under the agreement, Chola MS will offer a wide range of non-life insurance products to Oriental Bank customers through the bank’s extensive nationwide branch network. Chola MS insurance products ranging from personal products — such as motor, home, health, and travel insurance — and commercial products, such as fire, marine and engineering insurance, are being offered.
Speaking on the occasion, Shri Animesh Chauhan, Managing Director & Chief Executive Officer, Oriental Bank of Commerce, said “We are delighted to partner with Chola MS for bringing best-in-class non-life insurance products to our customers. The partnership will greatly benefit our customers and through this alliance, both Oriental Bank and Chola MS seek to fulfil the non-life insurance needs of customers."
Commenting on the partnership, Shri SS Gopalarathnam, Managing Director–Chola MS added “We are privileged to be the General Insurance partner of choice for Oriental Bank. By aligning the bank’s vision to be a premier customer-friendly bank with Chola MS core brand essence of T3 which is Trust / Transparency / Technology, we hope to bring in unique customised products for the bank’s customers, empathetic claims services and robust technology integration to seamlessly provide a unique buying experience for Oriental Bank customers. We are committed to working together with the Oriental Bank team to ensure that customers have access to the best of insurance protection for their personal and business needs.”
About Oriental Bank
Oriental Bank of Commerce (OBC) is a Government of India undertaking incorporated in 1943 and nationalised in 1980. The bank offers a wide range of banking products and services such as Personal banking, Corporate banking, NRI banking, Deposit Accounts, Loans, Debit and Credit cards, etc.
About Chola MS General Insurance
Cholamandalam MS General Insurance Company Ltd. is a Joint Venture between the Rs. 295 billion diversified Murugappa Group and Mitsui Sumitomo Insurance Group of Japan. Cholamandalam MS offers a wide range of products that include Accident, Engineering, Health, Liability, Marine, Motor, Property, Travel and Rural insurance for individuals and corporates. The company reported a GWP of Rs. 2452 crores in 2015-16 and has 110 branches and several thousand agents across the country.
About Murugappa Group:
Founded in 1900, the INR 295 Billion Murugappa Group is one of India's leading business conglomerates. The Group has 28 businesses including nine listed Companies traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Parry Sugar industries Ltd, Shanthi Gears Ltd., Tube Investments of India Ltd., and Wendt (India) Ltd.
Market leaders in served segments including Abrasives, Auto Components, Transmission systems, Cycles, Sugar, Farm Inputs, Fertilisers, Plantations, Bio-products and Nutraceuticals, the Group has forged strong alliances with leading international companies such as Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan Advanced Materials, Sociedad Química y Minera de Chile (SQM), Yanmar & Co. and Compagnie Des Phosphat De Gafsa (CPG). The Group has a wide geographical presence all over India and spanning 6 continents.
Renowned brands like BSA, Hercules, Montra, Ladybird, Mach City, Ballmaster, Ajax, Parry’s, Chola, Gromor, Shanthi Gears and Paramfos are from the Murugappa stable. The Group fosters an environment of professionalism and has a workforce of over 32,000 employees. For more details, visit www.murugappa.com