Bharti AXA Life Insurance has forged a bancassurance partnership with SBM Bank India to distribute its life insurance products through the latter’s network.
Under the partnership, the complete suite of life insurance products by Bharti AXA Life Insurance will be offered to SBM Private Wealth customers. SBM Private Wealth is a retail banking arm of SBM Bank India.
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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, which is said to have footprints in major six cities in India, offers services to customers through direct and collaborative networks.
The collaboration with Bharti AXA Life will enable the bank to offer various life insurance products to SBM Bank’s customers in Mumbai, New Delhi, Chennai, Bengaluru, Hyderabad, and Ramachandrapuram.
SBM Bank India retail & consumer banking head Neeraj Sinha said: ‘‘Being a new age bank, we believe in offering a personalized, safe, reliable and holistic banking experience to our customers including our clients at SBM Private Wealth.
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By GlobalData“This entails catering to the needs of our customers beyond traditional banking – including investments and insurance. In doing so, we always believe in collaborating with the leading solutions providers. This collaboration will be another step towards building a customer-first bank that offers diverse solutions all under one roof.”
Last year, Bharti AXA Life Insurance partnered with Airtel Payments Bank to offer pure term insurance through the lender’s network of banking points across India.
