With the mission to increase the insurance penetration in the country United Bank of India one of the oldest nationalized bank in the country and Star Health and Allied Insurance Co Ltd, India’s first standalone health insurance company announced a Bancassurance partnership. The agreement was signed by Sri Vinod Babbar, GM, Retail Banking, UBI and Sri Vishwajeet Mohnot, Joint Executive Director, Star Health on 14/01/2019 at Bank’s headquarter in presence of Mr. Ashok Kumar Pradhan, MD & CEO and other top executives of UBI and Star Health officials. The association would be another feather in the insurer’s cap as this is their third bank assurance partnership.
The Bancassurance partnership will see 1999 branches of the bank offer Star Health’s various range of products to its customers. This will help the customers to address their complete financial needs under one roof. The bank has over 89 trained and certified Specified Persons who would be involved in marketing Star Health products.
Commenting on the tie-up, Mr. Ashok Pradhan, Managing Director, United Bank of India said, “We are honored to be associated with a company like Star Health and Allied Insurance that provides need based products to its customers and endeavors to meet the health insurance needs across all categories of customers. We strive to add value to cater to our customers’ needs and this association with Star Health will help us to provide a wider range of financial products that are beneficial to them.”
Speaking about the partnership, Mr. Anand Roy, Executive Director & Chief Marketing Officer, Star Health and Allied Insurance Co Ltd said, “It is known that United Bank of India is one of the most trusted banks that has a wide customer base of about 45million spread across each and every state in the country. At Star Health we have always believed in taking insurance to the last leg as health is one of the most important aspects in raising developing a country. And this association with United Bank, we believe will help us take a step further in achieving our mission.