J&K Bank adds New India Assurance as its Bancassurance partner

Srinagar, Apr 2: Fortifying its commitment further to provide comprehensive financial solutions to its customers, J&K Bank today entered into a Corporate Agency Agreement with the country’s premier general insurance provider New India Assurance Co. Ltd (NIACL)

The Bank’s Executive Director Sudhir Gupta chaired the MoU signing ceremony held at the Bank's Corporate Headquarters, wherein General Manager (Cross Selling) Narjay Gupta signed the papers on behalf of the Bank while General Manager (NIACL) Mukta Sharma put in her signatures for the company in presence of Deputy General Managers Sapna Gupta (Bank) and Kiran Jacob (NIACL) besides senior officers from both the organisations.

Reiterating Bank's commitment to provide one-stop insurance solutions to its customer base, Executive Director Sudhir Gupta called for making the association beneficial for the Bank’s massive clientele besides fruitful for both organisations

He said, “This strategic collaboration aims to enhance the scope of financial protection and insurance solutions offered to the Bank's customers across various segments. Our Bank is the major financial institution in J&K & Ladakh with strategic pan India presence and NIACL is the leading general insurer in the country, so coming together of two giants, I am sure, will provide convenience and choice to our customers in terms of choosing variety of insurance products."

General Manager Narjay Gupta expressed hope that timely association between the two organisations will serve as a key contributor in bringing more and more people in the insurance fold. “Through this partnership, we seek to extend a wider range of insurance products and services, catering to the diverse needs of our clientele. Now that we have started this journey, it is time to ensure customer satisfaction and security remain at the heart of our service delivery. We need to set a new benchmark of excellence in the bankassurance industry for the greater good of our customers," he said.

General Manager (NIACL) Mukta Gupta stated that association with J&K Bank was fast-tracked because of the iconic position that the Bank commands in the region. She said, "We are very excited to begin the new journey with J&K Bank at the start of a new financial year. Since the philosophy of both organisations over the decades has been to serve the people with the best of our services, the idea is to reduce the gap between insured loss and economic loss.”

“J&K is on an upward trajectory in terms of economic progress and this is where both Bank and NIACL can work in tandem to ensure that most of the assets created in the process are insured," she added.

Notably, the latest collaboration has taken the number of Bank’s Bankassurance partnerships to six, three each in life and general insurance. Through this association, NIACL's insurance products will be available at all Bank's branches pan-India.