Kotak Mahindra General Insurance Company Ltd (Kotak General Insurance) and Vasai Vikas Sahakari Bank Ltd have announced a strategic alliance to provide the bank’s customers access to a range of insurance solutions.
Under this agreement, Vasai Vikas Sahakari Bank Ltd. will offer Kotak General Insurance’s comprehensive suite of general and health insurance products to its customers across its network of 21 branches thereby enabling them to avail the benefits of insurance.
Suresh Agarwal, managing director and chief executive officer of Kotak Mahindra General Insurance Co. Ltd., said, “India is one of the countries with the lowest General Insurance penetration. Arrangements like these with Vasai Vikas Sahakari Bank are essential to reach out to more people and educate them about the importance of being insured.”
Kotak General Insurance is a 100% subsidiary of Kotak Mahindra Bank Ltd.
According to Dilip Sant, chief executive officer, Vasai Vikas Sahakari Bank Ltd, the bank has always believed in expanding offerings to cater to the ever-increasing customer needs.
“The synergies that will be generated out of this association will not only offer an enhanced value proposition to our customers, but most importantly, will empower them to mitigate risks and secure the future of their assets as well health of their loved ones,” said Sant.
Vasai Vikas Sahakari Bank Ltd is a scheduled co-operative bank established in the year 1984 and has presence in the Vasai Virar municipal area, beyond Virar to Boisar, and in the suburbs of Mumbai region.