City Union Bank, Shriram General tie-up to distribute insurance products

Private Bank City Union Bank has tied up with Shriram General Insurance to distribute insurance products across the bank's 727 branches in the country, senior executives of both companies said at a press conference here today.

The deal gives space for Shriram General to offer personal lines of insurance products such as motor, Personal accident, home and travel, along with certain commercial lines. For CUB, the agreement offers an opportunity to provide non-life insurance products to its customers. Soon, the bank is set to tie up with other insurers too, CEO N Kamakoti said.

Shriram General's CEO Anil Aggarwal said the insurer was on a drive to cut the claim settlement time now, which stands at 24 days from the date of the accident, he said.

City Union bank touched a total business size Rs 88, 846 crore as at end-March, a release said, with the bank's net worth at Rs 6550 crore. Shriram General's assets stood at Rs 10,828 crore by end-March this year, with over 41 lakh live policies.