The life insurer is exploring for a suitable distribution partner from public, private and cooperative banking sectors, which will enable to reinforce its presence in the competitive Indian insurance market.
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Reliance Life, which is currently operating without a bancassurance partner, is aiming to take advantage of Insurance Regulatory and Development Authority (IRDA), which has permitted banks to serve as distributor for many insurance firms.
Reliance Life Insurance CEO, Anup Rau, was quoted by PTI as saying, "Allowing banks to act as brokers and sell products of more than one insurer has opened up a distribution opportunity for the company.
"We are in talk with multiple banks, including commercial and co-operative, for a long-term strategic partnership and might offer a small equity stake up to five per cent to a bank of critical size and reach."
"Our current distribution gap can be served by one bank of a significant size and reach. If we do not get the bank of that critical size, we can have more than one bank on board for selling our insurance products," Rau added.
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