Shriram General Insurance Company Ltd. (SGI) has signed a corporate agency agreement with Contai Co-operative Bank, paving the way for the insurer’s general insurance products to be offered through the bank’s 16 branches in Eastern India.
This partnership will allow the bank’s customers in Purba Medinipur, Paschim Medinipur, Kolkata, and Hooghly districts to access a wide range of insurance products, including motor, health, personal accident, and group personal accident policies.
A Strategic Move to Boost Insurance Penetration
SGI’s collaboration with Contai Co-operative Bank is part of its wider strategy to enhance bancassurance distribution, enabling customers in semi-urban and rural areas to get insurance solutions through trusted local banking channels. The model allows for convenient policy issuance, renewals, and claims support under one roof.
Key benefits for customers include:
- Easy access to insurance while banking.
- Localized service through familiar branch staff.
- Digital claim support integrated with bank’s core banking services.
About Contai Co-operative Bank
Founded in 1947, Contai Co-operative Bank is Eastern India’s largest urban co-operative bank, serving over 82,000 members and managing assets worth ₹2,013 crore. The bank offers NEFT, RTGS, UPI, and mobile banking services, making it well-equipped to integrate SGI’s insurance solutions seamlessly.
Industry Perspective
The partnership reflects the growing trend of bank–insurance collaborations in India, which help bridge the insurance gap in underpenetrated regions. According to SGI officials, the tie-up is expected to significantly expand its footprint in Eastern India and deepen customer trust.
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