Federal Bank and Bajaj Allianz Life Insurance Announce Strategic Bancassurance Partnership
by Prashant Kapadia/NHN
National, July 2024: Federal Bank, a prominent private sector bank in India and Bajaj Allianz Life Insurance, one of India’s leading private life insurers, has announced a strategic partnership. This strategic partnership will enable Federal Bank’s customers to pursue their long-term life goals by accessing a wide range of value-packed, tailor-made life insurance plans from Bajaj Allianz Life. With this alliance, Federal Bank’s customers can seamlessly access Bajaj Allianz Life Insurance’s products, across the Bank’s extensive network in India.
This strategic partnership aims to leverage the combined strengths of Bajaj Allianz Life and Federal Bank. It aligns with both the companies’ strategic goals and growth plans and will drive insurance penetration and market expansion. It will leverage the shared “Customer First” philosophy, rich legacy, tech expertise, and ability to provide the right products and services to the customers including NRI customers.
Mr P V Joy, SVP & Country Head, Federal Bank said, “We are pleased to announce a strategic Corporate Agency Bancassurance partnership with Bajaj Allianz Life Insurance Company. This partnership aims to bring the diverse range of life insurance solutions across our touchpoints. This association will enable us in our goal to make insurance easily accessible to everyone. We believe it will help our customers invest wisely and secure their financial future.”
Mr. Dheeraj Sehgal, Chief Distribution Officer – Institutional Business, Bajaj Allianz Life, said, “We are glad to enter into this strategic partnership with Federal Bank, as it represents a significant step towards our shared vision of empowering customers with robust financial solutions to achieve their life goals with confidence. By leveraging Federal Bank’s extensive network and our comprehensive range of life insurance products, we aim to provide customers with seamless access to insurance solutions across various touchpoints. Our focus on contextual innovation backed by a robust tech architecture, leveraging new-age technology and data analytics enables us to maximize such collaborations for an enhanced customer experience.”
About Federal Bank: Federal Bank (NSE: FEDERALBNK) is a leading Indian private sector bank with a network of around 1508 banking outlets and 2013 ATMs/Recyclers spread across the country and the Bank’s total business mix (deposits + advances) stood at ₹ 4.62 Lakh Crore as on 31st March 2024. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 16.13 % as on 31st March 2024. Federal Bank has Representative Offices in Dubai and Abu Dhabi that serve as a nerve center for Non-Resident Indian customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress.
About Bajaj Allianz Life Insurance: Bajaj Allianz Life Insurance is one of India’s leading and fastest growing private life insurers. The company is a partnership between two powerful and successful entities in their own right – Bajaj Finserv Limited, one of India’s most diversified non-banking financial institutions and Allianz SE, one of the world’s leading asset manager and insurer. The Company commenced its journey in 2001, and today delivers its promise of Life. Goals. DONE through innovative value-packed insurance products that are backed by a robust tech and digital ecosystem. Bajaj Allianz Life Insurance continues its journey of transformation through its products and tech-enabled state-of-the-art services to enhance customer delight.
Bajaj Allianz Life now serves over 4.20 crore (as on 31st May, 2024) individual and group customers. The Company has a large distribution network of 543 branches (as on 31st May, 2024) over 1,51,939 lakh agents (as on 31st May, 2024), a comprehensive set of 35 trusted bank partners across the geography and the customer segments, and its proprietary sales channels (online and offline). Bajaj Allianz Life Insurance manages Assets Under Management to the tune of over Rs. 112,367 crores (as on 31st May, 2024) with an Individual Claim Settlement Ratio of 99.23 % and a Solvency Ratio of 432% (as on 31st March 2024).