Aegon Religare banks on bancassurance

Private life insurer Aegon Religare Life Insurance (ARLI) is betting big on bancassurance to penetrate deeper in the tier II and III markets of the country.

The company is holding talks with several public, private and cooperative sector banks for possible tie-ups. Bancassurance refers to the distribution of insurance products through the branches and other distribution channels of the bank. At present, Aegon has bancassurance arrangement with 2 cooperative banks in the states of Maharashtra and Uttarakhand.

“We are in the process of acquiring partners for bancassurance and our business development unit is on track. We want long term relationships and innovative partnership structures in bancassurance,” ARLI chief marketing officer Yateesh Srivastava said.

ARLI had tied-up with Axis Bank for premium collection through the latter’s 1,000- odd branches pan-India. The company, which started operations in the 2nd quarter of 2008-09, is eyeing total premium collection of Rs 500 crore in the current fiscal.