Bank of India (BoI) and New India Assurance Co Ltd (NIACL) have announced a strategic partnership to provide a comprehensive range of general insurance products to the customers of the public sector bank.
Key Highlights of Partnership
Access to Diverse Insurance Solutions
- BoI customers will now have access to health, motor, personal accident, home, and commercial insurance products offered by New India Assurance (NIACL).
- Aims to enhance insurance penetration and financial protection for customers.
Expansion of Bancassurance Ecosystem
- Leverages BoI’s extensive banking network and NIACL’s expertise in general insurance.
- BoI operates with over 5,200 branches across India.
- NIACL brings over 100 years of experience in the general insurance sector.
Enhanced Service & Customer Benefits
- BoI customers will receive customized insurance products with seamless service delivery.
- NIACL’s expertise ensures reliable financial protection.
About New India Assurance Co Ltd (NIACL)
New India Assurance Co. Ltd (NIACL) is India’s largest public sector general insurance company, operating globally with a strong presence in over 25 countries. It was founded in 1919 by Sir Dorabji Tata and is headquartered in Mumbai, India.
Key Highlights of NIACL
- Government-owned: A wholly-owned subsidiary of the Government of India.
- Largest General Insurer: Market leader in non-life insurance with a wide range of products across health, motor, travel, property, marine, and commercial insurance.
- Global Presence: Operations in more than 25 countries, including the UK, Japan, and the Middle East.
- Strong Financials: Rated among the top insurance companies with a high solvency ratio and financial stability.
- Customer Base: Serves millions of policyholders through an extensive network of branches and digital platforms.