Bharti Axa inks Bancassurance tie-up

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Bharti Axa General Insurance Company Ltd, a 74:26 per cent joint venture between Bharti Enterprises and Axa Group, has signed a Bancassurance tie-up with Nashik-based Nashik District Central Co-operative (NDCC) Bank.

Moreover, the company is also in talks with two banks in Punjab for Bancassurance tie-up.

NDCC Bank, which has very strong base in Nashik district with 213 branches, plays an important role as a central financing agency for the district.

“Our tie-up with NDCC Bank will strengthen the reach and penetration of Bharti Axa General Insurance in Nashik district, using the Bank’s large client base. We plan to promote retail and group policies that are specifically designed to suit the bank’s customers. These include our retail line products like our Critical Illness, Personal accident, shop & home and other Health & Motor products,” said Amarnath Ananthanarayanan, CEO Bharti Axa General Insurance Co. Ltd, at a press conference here.

“Presently, the company has Bancassurance tie-up with 13 banks. Our strategy since inception has been of multi-channel distribution and Bancassurance has played a major role in our growth. We are planning Bancassurance tie-up with two more banks in Punjab, shortly,” he said, but avoided giving further details.

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Source - business-standard.com

What is Bancassurance?

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Originally Posted by mintz

What is Bancassurance?

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Bancassurance means selling of insurance products by banks. In this arrangement, insurance companies and banks undergo a tie-up, thereby allowing banks to sell the insurance products to its customers. This is a system in which a bank has a corporate agency with one insurance company to sell its products.

The Bank Insurance Model (BIM), also sometimes known as Bancassurance, is the term used to describe the partnership or relationship between a bank and an insurance company whereby the insurance company uses the bank sales channel in order to sell insurance products.

Source - wikipedia.org

The Bancassurance generally defines the partnership between a insurance company and a bank. The customers in the bank are more benefited through the insurance policies. Bharti Axa Life Insurance made tie up with many of the private sector bank and offers more policies and benefits when compared to other insurance companies.