‘Not all banks may opt to sell products of 27 insurers’

Not all corporate insurance agents – banks and others – may sign up soon to distribute products of 27 insurers – nine each in life, general and health- said experts.Even when the Insurance Regulatory and Development Authority of India (IRDAI) had allowed the corporate agents to tie up with three insurers in each segment, not many had opted for that.”The nine tie ups in each sector were recently prescribed. We have distribution tie-ups with three life insurers and two general insurers,” S.Krishnan, Managing Director and CEO, Tamilnad Mercantile Bank Ltd (TMB) said.The TMB has signed up as a corporate agent for Bajaj Allianz Life Insurance Company Ltd on Friday.”Not all banks have three insurance tie ups even now,” said Tarun Chugh, Managing Director and CEO, Bajaj Allianz Life when asked as to why not totally open up the distribution network.Insurers are happy with the opening up of the distribution network as they need not shell out huge sums as a sign-in bonus to banks as corporate agents.