Bharti Axa Bharti AXA Life, SBM Bank India join hands for 'bancassurance' partnership
Leading private sector insurer Bharti AXA Life Insurance Tuesday announced its bancassurance partnership with SBM Bank India for distribution of life insurance products through the latter's network.
Under this agreement, Bharti AXA Life Insurance will offer its comprehensive suite of life insurance products, including protection, health, savings and investment plans, to the esteemed customers of SBM Private Wealth, the retail banking arm of SBM Bank India that aims to provide a powerfully exclusive gateway to finest opportunities and privileges.
Commenting on the strategic alliance, Bharti AXA Life Insurance Managing Director and CEO Parag Raja said, ‘‘We are pleased to partner with SBM Bank India and confident that this alliance shall empower the bank’s customers with protection and holistic financial planning solutions from our comprehensive product portfolio and further boost our bancassurance channel as a key distribution and growth opportunity.’’
SBM Bank India, one of the youngest new age banks in the country, has presence in six cities and serves its customers through direct and collaborative networks. The collaboration would offer different life insurance products to SBM Bank’s customers in Mumbai, New Delhi, Chennai, Bengaluru, Hyderabad and Ramachandrapuram.
Neeraj Sinha, Head – Retail & Consumer Banking, SBM Bank India, said: ‘‘We believe in offering a personalized, safe, reliable and holistic banking experience to our customers, including clients at SBM Private Wealth. This entails catering to the needs of our customers beyond traditional banking that includes investments and insurance. In doing so, we always believe in collaborating with the leading solutions providers."
Bharti AXA Life Insurance, a joint venture between domestic giant Bharti Enterprises and French insurance major AXA, offers a wide range of innovative and need-based individual and group insurance solutions, including protection, savings, health and investments, that help customers meet their various life-stage requirements.
In April last year, in its first major bancassurance alliance, Bharti AXA Life entered into a Memorandum of Understanding with Karnataka Bank for distribution of insurance products.
‘’We believe partnerships with banks will help us achieve long-term growth aspirations and will continue to explore more such opportunities with trustworthy organisations for making life insurance reachable to more and more people and increasing insurance penetration in the country,’’ Raja added.
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