Chola MS General Insurance renews partnership with IndusInd Bank; garners Rs 3,700 crore

City-based Chola MS General Insurance on Friday renewed the partnership with private sector IndusInd Bank for the third consecutive time after garnering around Rs 3,700 crore in the last five years.

"IndusInd Bank is a valued partner and we are happy to renew our multi-year partnership for the third consecutive time. Chola MS has embarked on digital initiatives to help IndusInd Bank offer more products and service", managing director of Chola MS SS Gopalarathnam said in a press release.

Chola MS offers a range of insurance products across the motor and non-motor policies through the branches of IndusInd Bank. It has set a target to double the premium in the next five years, the release said.

"During the next few months, the partnership is geared up to roll out more digital innovative insurance solutions especially in claims servicing that will ensure adoption of more products per customer", Gopalarathnam said in the release.

"Our partnership with Chola MS has helped the bank increase its insurance penetration over the years. Our business covers the length and breadth of the country," the release quoted head of consumer finance division of IndusInd Bank SV Parthasarathy as saying.