Mangaluru, May 22, 2017: Karnataka Bank today entered into Memorandum of Understanding with Life Insurance Corporation of India for selling life insurance products of LIC.
Speaking on the occasion, Mahabaleshwara M.S., Managing Director & CEO of the Bank said “Customers needs are changing on day to day basis and it is necessary to every Service Unit to stand up to the expectation of its customers and work towards customer delight. Bank is firmly moving in this direction and with today’s MOU with Life Insurance Corporation of India [LIC], Bank will be able to provide vast choice of life insurance products to its customers across all its 769 Branches, supported by the popular customer centric products of LIC. LIC and Karnataka Bank are two great household names and both are time tested entities. Let us work together in delivering the quality products to our customers and, thus, maximize value addition to all our customers. Let us together dedicate ourselves to cover the life of the Insured and their family members”- he said.
Rakesh Kumar, Executive Director of LIC who was present on the occasion said, “The partnership is an important part of our growth strategy which requires a robust distribution network and this will be possible as Karnataka Bank is having its existence at every nook and corner of the country.” Further he added, “This is an alliance of two likeminded organizations that are looking at offering technological innovations and best in class risk management practices. This tie-up will provide an opportunity to provide more effective life insurance solutions to the customers. LIC is the largest insurer in the globe and have a death claim settlement ratio of over 99.90%. Karnataka Bank is one of the strongest private sector Banks in the country and this alliance will be benefitted to both”. He also added that LIC will strive hard to create customized insurance solutions for the Bank’s customers and is committed for reaching a new benchmark in claim settlement process.
General Managers Chandrashekar Rao B, Subhaschandra Puranik, Balachandra Y.V., Nagaraja Rao B., Murlidhar Krishna Rao, Aradhana Shanbhag, Regional Manager, Life Insurance Corporation of India and others were present on the occasion on behalf of the Bank.
With 93 years of Banking experience and one among the Prominent First Generation Private Sector Banks, Karnataka Bank is expanding its business horizons at a rapid pace. With technology driven banking and customer centric products, Bank is also providing various third party products to its customers under one roof.