HDFC ERGO General Insurance Company, India’s leading private sector general insurance company, and SVC Co-operative Bank Ltd. (SVC Bank) announced their bancassurance agency partnership to provide HDFC ERGO’s range of non-life insurance offerings to the customers of SVC Bank.

The partnership combines HDFC ERGO’s experience and leadership in introducing innovative non-life insurance products with SVC Bank’s widespread customer base across various states. SVC Bank has 194 branches in 10 states including Maharashtra, Karnataka, Tamil Nadu, Andhra Pradesh, Gujarat, Goa, Delhi, Madhya Pradesh, Rajasthan, and Haryana.

Talking about the SVC Bank tie-up, Mr. Ritesh Kumar, Managing Director and CEO, HDFC ERGO said, “We are happy to partner with SVC Bank to offer our innovative non-life insurance products to their customers. 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.”

He further said that, “With increased life expectancy and rising healthcare costs, it is essential for individuals to have health insurance to ensure adequate protection for themselves and their families. We see an immense opportunity in our partnership with SVC Bank and believe that the customers of the bank will benefit from our various insurance products like health insurance, motor insurance, travel insurance, home insurance etc.”

Mr. Suhas. N. Sahakari, MD, SVC Bank also added his thoughts, “We, at SVC Bank, aim to create greater value for our customers and wish to serve as a one stop shop for all their Banking and Insurance related needs. In this regard our tie up with HDFC ERGO will give our customers access to a host of general insurance services which are with the times and designed to address the needs of young India. This relationship will go a long way in providing a world- class service experience to our valued customers.”