Business Standard

Max Life Insurance and Yes Bank celebrate 15 years of their strategic bancassurance relationship


Max Life Insurance Co Ltd and Yes Bank Limited, India's 4th largest private sector Bank, are celebrating the completion of 15 years of their strategic bancassurance relationship partnership.
On the achievement of the business milestone, the companies have reaffirmed their commitment to this partnership and will continue to invest in building a truly customer-centric ecosystem.
The companies began their exclusive partnership journey in February 2005 - the year Yes Bank received its banking license from the Reserve Bank of India (RBI) with a core commitment towards securing the financial future of their customers. Having started the journey by securing the lives of the branch banking customers, the relationship has over the years expanded across several new banking verticals including business and rural banking services, which has offered customised solutions to more than 2.5 lakh customers across each and every touchpoint with the Bank.
One of the few relationships outside captive bank-led insurers that has completed a decade and a half of association, Max Life-Yes Bank relationship has over the years sold approximately 2.8 lakh policies. The partnership has settled death claims of more than Rs 70 crore and offered protection worth ~ Rs 34,500 crore to policyholders and their families. Strengthening the partnership in its 15th year, Max Life has begun offering Group Credit Life products to Yes Bank's retail asset customers; along with Group Term Life Insurance that covers more than 21,400 employees of Yes Bank offering more than Rs 6,800 crores of sum assured as cover to financially protect the future of their families.
Commemorating the 15-year partnership, Max Life and Yes Bank remain committed to offering their customers a broader range of need-based products and services, deploying technology across the value chain to further enhance efficiencies and leveraging existing ecosystems to facilitate superior experiences for customers. To mark this alliance milestone, which coincides with the 20-year celebrations at Max Life, the partnership will dedicate the coming year as the 'Year of the Customer' with a sharper focus on customer obsession.
Key Business Statistics* - Max Life - YES BANK 15 Years' Partnership
1. Date of Commencement of the Partnership - February 23, 2005
2. Total Branches of Yes Bank - 1122
3. Total customers - 277,867
4. No. of Policies Sold- 288,976
5. Sum Assured - Rs. 34,519 crores
6. New Business Premium - Rs. 1,898 crores
7. 13 Month Persistency Ratio - 82.2%
8. Amount of Claims Paid - Rs. 71 crores
9. Group Term Life Cover - Rs. 6,830 crores Sum Assured covering 21,475 YES BANK Employees
* (As on December 31, 2019)
Prashant Tripathy, CEO and Managing Director, Max Life, said, "Completion of 15 years of our partnership with Yes Bank is a monumental business milestone, one that continues to play a key role in delivering cutting-edge financial protection to our customers. The partnership has been critical in protecting the dreams and aspirations of lakhs of our customers and ensuring the fulfillment of their long-term financial needs and goals."
"Sustaining one of the longest-running successful partnerships in the industry, we would like to thank Yes Bank and our customers for helping us build a strong partnership that rests on the principles of Trust, Integrity and Customer Obsession. In the coming 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 accomplish together to help our customers realise their real value and financially protect their future," he added.
Rajan Pental, Senior Group President and Group Head - Branch & Retail Banking, Yes Bank, said, "Strategic partnerships and long-standing relationships continue to be the mainstay at Yes Bank and we are pleased to celebrate this milestone with Max Life Insurance. We are confident that our synergies will not only amplify our reach but also enhance the overall customer experience. Together Yes Bank and Max Life Insurance have adopted an approach of understanding our customers' needs and in turn, help them protect their future dreams. Our continual commitment will remain to provide holistic financial planning solutions to our clients."
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First Published: Feb 26 2020 | 5:10 PM IST

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