HDFC Ergo General Insurance Company inks distribution pact with Deutsche Bank

MUMBAI: HDFC Ergo General Insurance Company today said it has entered into a distribution agreement with Deutsche Bank.

Under the partnership, the leading German lender will distribute HDFC Ergo's non-life insurance products through its 17 branches spread across 16 Indian cities.

The private sector non-life insurance firm will offer a bouquet of products related to motor, travel, commercial, home, personal accident and critical illness to Deutsche Bank customers.

"We have got a very big payroll customer base and a very big business banking customer base in the country, numbering 82,000. We will be focusing on motor insurance for our salaried class customers under the tie-up numbering 36,000 and will try to sell other non-life products through business banking," Deutsche Bank Head, deposits and wealth management for private and business clients, Japjit Bedi said.

Through this tie-up, we are looking at underwriting premium to the tune of Rs 8 crore per annum, he added.

Deutsche Bank already has a distribution tie-up with private sector life insurer Birla Sun Life.

"We are underwriting premiums to the tune of Rs 25 crore per annum by sale of life insurance products to our customers through this tie-up," Singh said.

"This alliance (with HDFC Ergo) is an important milestone for us as bancassurance is a key element of our growth strategy. It is our endeavour to continuously innovate and make our products widely available," HDFC Ergo Managing Director and CEO Ritesh Kumar said.