Bharti AXA Life, SBM Bank India enter into bancassurance partnership

Bharti AXA Life Insurance has entered into 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 entire suite of life insurance products, including protection, health, savings and investment plans, to the customers of SBM Private Wealth, the retail banking arm of SBM Bank India.

Commenting on the strategic alliance, Bharti AXA Life Insurance Managing Director and CEO Parag Raja said, “We are confident that this alliance shall empower the bank’s customers with protection and holistic financial planning solutions from our 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.

“We believe in offering a personalised, 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,” said Neeraj Sinha, Head – Retail & Consumer Banking, SBM Bank India.

Last year, Bharti AXA Life Insurance tied up with Karnataka Bank as its first major bancassurance partnership to distribute its various insurance solutions.

Source: The Hindu Business Line

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