Max Life Insurance, YES Bank extend bancassurance partnership for 5 years

Max Life Insurance and YES Bank on Monday announced a five-year extension of their strategic bancassurance relationship, reaffirming their commitment to invest in building a digitally-enabled ecosystem that will provide a seamless experience for customers in their financial planning and protection journey.

Building on the 15-year partnership, both companies said they remain committed to offering customers a broad range of need-based products and services, deploying technology across the customer value chain to further enhance efficiencies and leveraging existing ecosystems to facilitate superior experiences for their customers.

Over the years, Max Life-YES Bank relationship has sold about 280,000 policies. It has settled death claims of more than Rs 70 crore and offered protection worth Rs 34,500 crore to policy holders and their families.

"In the coming five years, we plan to further enhance our business and make investments in the area of technology, new product development and customer service to ensure we journey together to help our customers realise their real value and financially protect their future," said Prashant Tripathy, Managing Director and CEO of Max Life.

Rajan Pental, Senior Group President and Group Head for Branch and Retail Banking, at YES Bank, said strategic partnerships and long-standing relationships continue to be the mainstay at the lender. "We are confident that our synergies will not only amplify our reach but also enhance the overall customer experience."

Max Life Insurance is a joint venture between Max Financial Services Ltd and Mitsui Sumitomo Insurance. During 2018-19, Max Life achieved gross written premium of Rs 14,575 crore.

As on March 31 last year, the company had Rs 62,798 crore of assets under management and a share capital including reserves and surplus of Rs 2,767 crore.

YES Bank has a pan-India presence across all 28 states and 9 union territories.