India’s Kotak Mahindra Life Insurance Company (Kotak Life) has entered a corporate agency partnership with Mahindra & Mahindra Financial Services (Mahindra Finance).
The tie-up aims to provide life insurance solutions to the customers of Mahindra Finance, an NBFC.
It will leverage Mahindra Finance’s reach in the rural and semi-urban sectors, where it claims to serve more than ten million customers and manages assets in excess of $11bn (Rs919.2bn).
Mahindra Finance operates through a network of more than 1,400 branches across the country.
The partnership was officially sealed by the signing of an agreement between Kotak Life MD Mahesh Balasubramanian and Mahindra Finance MD and CEO Raul Rebello.
Kotak Life, a wholly owned subsidiary of Kotak Mahindra Bank, has a network of 292 branches and claims to have insured more than 50 million lives as of 31 March 2024.
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By GlobalDataBalasubramanian said: “Through our collaboration with Mahindra Finance, our aim is to extend our outreach to the untapped segments of the population. By leveraging on Mahindra Finance’s customer reach and our expertise in life insurance, we can now offer life insurance solutions and provide financial security to customers of Mahindra Finance.”
Rebello added: “We are delighted to enter into this strategic collaboration with Kotak Life to offer life insurance solutions to our customers. It is a significant step in our commitment to facilitate agile and efficient insurance solutions powered with personalised customer experience.
“Our aim is to help facilitate sustainable growth while delivering on our commitment towards being a responsible financial solution partner to emerging India.”
The announcement follows Kotak Mahindra Bank’s approval from the Reserve Bank of India to divest a 70% stake in its general insurance arm to Zurich Insurance Company.
In November 2023, Zurich Insurance Company, a unit of insurance major Zurich, disclosed its intention to acquire a 51% stake in Kotak Mahindra General via a mix of capital injection and share purchase.
The initial deal, valued at Rs55.6bn, also includes a provision for Zurich to purchase an additional 19% stake within three years of the initial acquisition.
