| Bangalore-based Metlife India Insurance Company has got a national footprint for its bancassurance channel, having succeeded in getting UTI Bank, the third largest private sector bank, as its partner.
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| “The bancassurance tie-up will complement Metlife’s 10,000 strong agency force. While agents form one half of the company’s sales push, bancassurance forms the second half,” said Rajesh Relan, managing director, Metlife India Insurance Company, said.
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| Relan said MetLife was selected by UTI Bank after extensive assessment of complementary strengths. There were eleven other private insurance companies in the race for the tie-up.
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| For UTI Bank, bancassurance provides a platform to further augment its non-fund fee and commission income.
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| The bancassurance alliance is a referral model whereby leads generated by the bank will be executed by Metlife staff stationed at the bank branches. UTI Bank has 465 branches and more than 2,000 ATMs. The bank plans to have 550 branches and 2,500 ATMs by the end of March 2007.
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| The tie-up with UTI Bank is the fourth bancassurance alliance for Metlife after Jammu & Kashmir Bank, Karantaka Bank and Dhanalaxmi Bank.
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| Metlife India is an affiliate of MetLife Inc of the US and is a joint venture between MetLife International Holdings Inc., J&K Bank, M Pallonji and Company and other investors. |
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