Axis Bank, a private sector bank, and Bajaj Allianz General Insurance, a private general insurer, have entered a strategic bancassurance partnership to boost insurance penetration and financial inclusion in the country.
Under this Bancassurance tie-up, a comprehensive suite of Bajaj Allianz General Insurance products will be distributed through Axis Bank’s network of 5,250 plus branches.
The suite of insurance solutions would include personal insurance products such as motor insurance, health insurance, home insurance, travel insurance, and commercial insurance products, including engineering and marine insurance.
Bancassurance is an insurance distribution model where companies partner with banks to sell policies.
This arrangement benefits both the bank and insurance companies get to benefit from this arrangement. While the bank earns a commission from the insurance company, the insurer gains from bank’s distribution network.
Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance, “We are delighted to announce our partnership with Axis Bank. Through this partnership, we aim to significantly enhance the reach and adoption of insurance products in India, particularly in underserved communities”.
This collaboration marks a significant step towards furthering financial inclusion and fostering a more secure future for individuals, families, and businesses across India, he said.
“Together with Axis Bank, we are committed to providing exceptional service and safeguarding the well-being of our customers”, Singhel said.
Munish Sharda, Executive Director and Head of Bharat Banking, Axis Bank, said, ‘’Our alliance with Bajaj Allianz General Insurance, paves the way for a future where comprehensive insurance solutions are readily available and easily accessible to all, fostering a secured and empowered India”.
This partnership will transform the insurance landscape, as it would combine Bajaj Allianz General Insurance’s diverse portfolio of insurance offerings with Axis Bank’s extensive customer base and distribution network, he said.
“Through our customer-centric approach and a shared commitment to excellence, both organizations aspire to drive increased awareness and adoption of insurance solutions among consumers”, Sharda said.
By leveraging its digital capabilities, Axis Bank will facilitate instant access, enhance customer experience, and drive insurance penetration and financial inclusion across the country.
This collaboration will strengthen Bajaj Allianz General Insurance’s distribution reach, enabling it to cater to a broader customer base and offer varied insurance solutions to diverse demographics.