Statement on News report on our relationship with Jammu & Kashmir Bank
Statement on News report on our relationship with Jammu & Kashmir Bank
This note is issued to clarify our position on the news reports which appeared in a section of the media on 23rd July 2019 on our relationship with Jammu & Kashmir Bank.
The regulation of additional Bancassurance partner under the IRDAI (Registration of Corporate Agent) Regulations, 2015, allows banks to choose 3 general insurance partners so that their customers get competitive pricing and products. IFFCO TOKIO General Insurance Company Limited was appointed by Jammu & Kashmir Bank as the second bancassurance partner after being selected through an exhaustive and stringent bidding process.
IFFCO TOKIO started business since 1st April 2019 with Jammu and Kashmir Bank. It is only in the interest of the customers of Jammu and Kashmir Bank that IFFCO TOKIO has offered competitive pricing and regulatory approved commissions have been also paid to the bank based on the business procured by the bank. The company has been servicing the customers promptly and with fairness. It is pertinent to note by all, the customers of Jammu and Kashmir Bank have been benefitted with the second partner. Had Jammu and Kashmir Bank not taken a second partner – customers of Jammu and Kashmir Bank would have missed out on options available.
Customer Service will remain at the centre of all our services in IFFCO TOKIO.
For more details, please contact corpcomm@iffcotokio.co.in
