Wednesday, September 20, 2017

Axis Bank seeks additional bancassurance partner

Axis Bank, the third largest of the private-sector banks in India, is planning to partner with one more insurer as part of its efforts to expand its life insurance distribution business.

The bank, which offers a comprehensive suite of financial products, currently has a partnership with Max Life and Life Insurance Corporation of India (LIC) and wants to maximize the current regulation that allows up to three insurance partners.

The bank has an alliance with Tata AIG for generla insurance products.

In healthcare, where penetration is low, it has a tie-up with Apollo Health Insurance.

The private bank will at some point look at adding a third partner for the life insurance space, according to its managing director and chief executive officer Shikha Sharma.

 

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