July 16, 2019
HDFC ERGO General Insurance Company, India’s leading private sector general insurance company and Muthoottu Mini Financiers Ltd., announced the tie-up for the distribution of HDFC ERGO’s range of non-life insurance offerings for the customers of the NBFC through its network branches.
Mr. Ankur Bahorey, President – Bancassurance, HDFC ERGO and Dr. Kurian P Abraham, CEO – Muthoottu Mini Financiers Ltd. at the MoU signing
The two companies have entered into a corporate agency partnership with the endeavour to provide customers’ with comprehensive general insurance products through Muthoottu Mini Financiers Ltd.’s widespread network of over 750 branches which spreads across 10 states and 2 union territories in India.
Through this association, HDFC ERGO will further strengthen its foothold in southern India, leveraging the NBFC’s wide network and edge in priority lending sector. The tie-up also provides Muthoottu Mini Financiers Ltd. the advantage to offer their customers’ comprehensive solutions for their financial requirements under a single roof.
Commenting on the tie-up, Anuj Tyagi, Executive Director & Chief Business Officer, HDFC ERGO General Insurance said, “The association with Muthoottu Mini Financiers Ltd. is an important milestone for us in our growth strategy. Their robust network will help us well establish our grip, especially in the southern part of our country. This adds another feather in our cap and is yet another step in reaching out to customers’ and making our products available to all possible sections of the society.”
Dr. Kurian P Abraham, CEO – Muthoottu Mini Financiers Ltd. said, “We are delighted to announce HDFC ERGO as our Bancassurance partner. This alliance marks the reaffirmation of our commitment towards our customers’ financial well-being by providing them with comprehensive insurance solutions. We look upto this partnership with high expectations of best-in-class insurance service experience for our customers, as a part of our 360-degree financial service offerings.”
About HDFC ERGO
HDFC ERGO General Insurance Company is a 51:49 joint venture between the Housing Development Finance Corporation Ltd. (HDFC); India’s premier Housing Finance Institution and ERGO International AG; the primary insurance entity of the Munich Re Group of Germany. In August 2017, with IRDAI’s approval for the merger of HDFC ERGO General Insurance Co. Ltd. with HDFC General Insurance Ltd. (formerly Known as L&T General Insurance Co. Ltd.), the Company marked the first merger in the General Insurance sector. The merged entity, known as HDFC ERGO General Insurance Co. Ltd., is the third largest General Insurance provider in the private sector.
HDFC ERGO offers policies like Motor, Health, Travel, Home, Personal Accident and Cyber Insurance in the retail space and customized policies like Property, Marine and Liability Insurance in the corporate space through its vast network of 122 branches spread across 106 cities and a wide distribution network.
About Muthoottu Mini Financiers Ltd.
Established in 1921 in Kozhencherry, Pathanamthitta, Kerala by Sri. M Mathew, Muthoottu Mini was initially a small firm engaged in financing and Chit Fund business. Subsequently, the promoters applied their sound banking experience and took Muthoottu Mini into corporate arena. This arm of the Muthoottu Mini Group has since built an impressive business and made for itself a reputation for reliability in private banking circles throughout Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Goa, Delhi, Haryana and Maharashtra.