Future Generali India Insurance ties up with 10 banks in Maharashtra

NEW DELHI: Future Generali India Insurance Company Limited (FGII), a joint venture between the Future Group and Generali, has tied up with 10 medium and small-size banks in Kolhapur and Sangli districts, aimed towards increasing rural insurance penetration.

Through these tie-ups, the company will majorly focus on its rural insurance and micro insurance portfolios, which will be customised as per the requirements of the banks' customers. They will be able to avail for policies to cover livestock, tractors, vehicles and health of self and family through these banks.

K.G. Krishnamoorthy Rao, MD and CEO, Future Generali India Insurance Company Ltd, said, "In this year's Union Budget, the government has clearly indicated its focus on rural and agricultural growth. Insurance penetration is a real concern in India today and these tie-ups will ensure that people even in the remotest of places get adequate coverage and are made financially aware. These tie-ups are vital to provide financial access to rural households, thus ensuring better standards of living. We expect rural and micro insurance to grow by 30% by end of FY 17."

The company has tied up with Warana Sahakari Bank, Sangali Dist Central Cooperative Bank, Ajara Urbank Cooperative Bank, Kolhapur Dist Central Cooperative Bank, Kallpa Anna Ichalkaranji Janta Sahakari, and Sangali Urbank Cooperative Bank. Additionally, the company is also doing business with banks such as Ashta Peoples Cooperative Bank, Kumbhi Kasari Cooperative Bank and Yashwant Sahakari Cooperative Bank in the region. With these tie-ups, the company aims to tap the opportunities available in the ever-growing SME industry and diversified loan portfolio of these banks.