Reliance General Insurance enters into multiyear “Bancassurance” tie-up with YES Bank

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Non-life Insurer, Reliance General Insurance Co. Ltd (RGI), a subsidiary of Reliance Capital has inked a comprehensive Bancassurance tie-up (A corporate Agency agreement) with YES BANK with the aim to distribute multiple general insurance products to the YES BANK customers, further expanding its distribution network.

This is the first tie-up signed by the bank since the open-architecture norms under the Corporate Agency regulations were introduced by IRDAI in April 2016. With this alliance, Yes Bank remains committed to leveraging its Pan-India branch network to capitalize on the vast opportunities in the Indian bancassurance market.

The bancassurance channel is expected to have potential to reach out to the last mile and serve untapped markets, thus promoting the insurance penetration in India.