APSFC to sell general insurance products

Hyderabad: Andhra Pradesh State Financial Corporation (APSFC) has signed up with Iffco Tokio General Insurance (ITGI) to distribute general insurance products in Andhra Pradesh.

The managing directors of both the corporations have signed a memorandum of understanding (MoU) to this effect at a ceremony in Hyderabad. The MoU will allow ITGI to expand its network and distribute its products throughout Andhra Pradesh. ITGI will use the 25 offices of APSFC as the distribution arm.

This will be done by training APSFC employees in insurance and enabling them to sell general insurance products. The general insurance company plans to extend all its product offerings, which includes fire, marine, motor and travel insurance, to APSFC.

 APSFC has been playing a pivotal role in the development of finance intermediary and has made significant contribution to the industrialisation of the state by extending financial assistance to enterprises. ITGI plans to offer co-branded products to APSFC customers and thus have a readymade customer database.