InvestorQ : How will the UCO bank tie up with insurance companies help boost the bank’s performance?
vaishnavi mhatre made post

How will the UCO bank tie up with insurance companies help boost the bank’s performance?

Answer
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Mary Joseph answered.
4 months ago


Kolkata based UCO Bank, which is currently under emergency review, has tied up with four insurers with a view to offer a variety of insurance products to its customers through its branches network across the country. It will be the first big experiment of bancassurance for the bank in India.

UCO Bank has currently teamed up with SBI Life Insurance, Oriental Insurance, Religare Health Insurance, Star Health and Allied Insurance for selling their products. This will enable UCO Bank to offer a much wider palate. It also helps them broaden the number of insurance partnerships from 2 to 6.

UCO Bank is looking to offer a financial planning service to customers and combining insurance gives them the ability to leverage their client base more effectively. This also fits into UCO Bank’s broader plan to digitise and automate the customer interface as well as the customer experience for availing these facilities in a seamless manner.