Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), and Bharat Co-operative Bank (Mumbai) Ltd. have announced their bancassurance partnership on Wednesday. This collaboration facilitates a common platform to reach out to the bank’s five lakh plus customers with relevant life insurance solutions.
The partnership enables ABSLI to directly reach out to these customers through Bharat Co-operative Bank’s (Mumbai) 103 branches and fulfil their life insurance and investment planning needs. This will further strengthen ABSLI’s extensive distribution reach across the urban and semi-urban areas of Maharashtra, Karnataka, and Gujarat.
Expanding footprint
Commenting on the tie-up, Aditya Birla Sun Life Insurance MD and CEO, Kamlesh Rao, said, “This partnership will enable us to expand our footprint and offer our array of protection solutions to the Bharat Co-operative Bank (Mumbai) Ltd.’s widely distributed network across Maharashtra, Karnataka & Gujarat. We believe our life insurance products will complement the existing bank offerings and empower their customers to develop a robust financial plan.”
With this strategic move, ABSLI now has high-impact and growing bancassurance partnerships with eight leading banks across the country.
Benefitting customers
U. Shivaji Poojary, Chairman, Bharat Co-operative Bank (Mumbai) Ltd. said, “Customer’s needs are changing and it is necessary for every entity in service sector to scale up to meet the expectations of its customers. This partnership will especially benefit our customers who will get access to a bouquet of innovative insurance products across all its 102 branches & one extension counter with the support of Aditya Birla Sun Life Insurance Co. Ltd.”