Aditya Birla Health Insurance (ABHI), a stand-alone health insurer, has entered into a bancassurance partnership with Axis Bank, the country’s third largest private sector bank.
Through this partnership, ABHI will offer health insurance solutions to the Axis bank’s customers across its 4,094 branches and digital channels.
Simply put, bancassurance is distribution of insurance products through the bank’s distribution channel.
Commenting on the partnership, Mayank Bathwal, CEO, Aditya Birla Health Insurance said, “We are delighted to have Axis Bank, one of the most trusted brands in the banking sector, as our 10th bancassurance partner. This collaboration is a step further towards strengthening our distribution reach and offering significant health protection solutions to Axis Bank customers. Through Axis Bank’s robust presence across the country, we aim to further increase health insurance penetration in India.’’
ABHI, which is a subsidiary of Aditya Birla Capital, has completed two years of operations as of end March 2019.
Pralay Mondal, Group Executive and Head Retail Banking, Axis Bank said, “As part of our consistent endeavour to provide holistic solutions, the Bank is excited to partner with Aditya Birla Health Insurance and thereby offer innovative health insurance solutions to all our valued Metro, Urban and Rural customers. Through this partnership, we are expanding our existing bouquet of offerings and putting forth a compelling proposition for our customers.’’