Aditya Birla Sun Life Insurance and Bharat Co-operative Bank (Mumbai) Ltd. ink bancassurance partnership.
Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), and Bharat Co-operative Bank (Mumbai)Ltd have announced their bancassurance partnership today. This collaboration facilitates a common platform to reach out to the bank’s five million plus customers with relevant life insurance solutions.
This partnership enables ABSLI to directly reach out to these customers through Bharat Co-operative Bank’s (Mumbai) 103 branches and fulfil their life insurance and investment planning needs. This will further strengthen ABSLI’s extensive distribution reach across the urban and semi-urban areas of Maharashtra, Karnataka, and Gujarat.
Commenting on the tie-up, Aditya Birla Sun Life Insurance MD and CEO, Kamlesh Rao said, “We are delighted to announce our strategic alliance with Bharat Co-operative Bank (Mumbai) Ltd, one of the most prominent co-operative banks in the country. This partnership will enable us to expand our footprint and offer our array of protection solutions to the Bharat Co-operative Bank (Mumbai) Ltd.’s widely distributed network across Maharashtra, Karnataka & Gujarat. We believe our life insurance products will complement the existing bank offerings and empower their customers to develop a robust financial plan.”
With this strategic move, ABSLI now has high-impact and growing bancassurance partnerships with 8 leading banks across the country.
On the occasion, Mr. U. Shivaji Poojary, Chairman, Bharat Co-operative Bank (Mumbai) Ltd.said, “We are pleased to announce the corporate agency tie up with Aditya Birla Sun Life Insurance Co. Ltd., a fundamentally strong and trustworthy organisation for soliciting life insurance business. Customer’s needs are changing and it is necessary for every entity in service sector to scale up to meet the expectations of its customers. This partnership will especially benefit our customers who will get access to a bouquet of innovative insurance products across all its 102 branches & one extension counter with the support of. Aditya Birla Sun Life Insurance Co. Ltd.”
ABSLI offers a range of products across the customer’s life cycle, including children future plans, wealth protection plans, retirement and pension solutions, health plans, traditional term plans and Unit Linked Insurance Plans (“ULIPs”).
As of December 2021, total AUM of ABSLI Stood at Rs.5,91,141 million. ABSLI recorded a gross premium income of Rs. 80,661 million in 9M FY 2021-22 and registering a y-o-y growth of 23% in Gross Premium with Individual Business FYP at Rs 16,161 Mn. ABSLI has a nation-wide distribution presence through 340+ branches, 7 bancassurance partners, 6 distribution channels, over 70,000 direct selling agents, other Corporate Agents and Brokers and through its website. The company has over 14,000 employees and more than 18 lac active customers.
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