Correct Answer : Option (A) - City Union Bank
City Union Bank (CUB) and Shriram General Insurance, on Friday(8th July 2022), signed a corporate agency agreement, where the bank will distribute the latter’s insurance products through its network of 727 branches across India.
Under this agreement, Shriram General Insurance will offer personal lines of insurance products such as motor, personal accident, home and travel, along with commercial lines of insurance products such as property, marine and engineering insurance to the bank’s customers. The agreement will help deliver enhanced customer experience by leveraging technology and augmenting the services distributed by the bank, says a release.
For general insurance, life insurance, and health insurance, the Insurance Regulatory and Development Authority (IRDAI) has allowed banks to form alliances with three different corporations. The bank and Shriram Insurance have recently formed a partnership.
In the beginning, the bank collaborated with the broking company Bharat Re Insurance Brokers (of the Shriram Group)
to handle customers, assess risks, and settle claims. However, this is no longer present..Source : Hhindubusinessline