Insurers DHFL Pramerica Life Insurance and Aditya Birla Health Insurance Co today announced their partnership with old generation urban co-operative lender SVC Bank to sell their policies through the bank.
DHFL Pramerica Life Insurance recently entered a Bancassurance partnership with SVC Co-operative Bank Limited for the distribution of specialised products to its customers, the company said in a statement.
The objective of this partnership is to offer easy access to simple life insurance products, thereby improving the insurance protection gap and strengthening the distribution network of DHFL Pramerica Life Insurance.
Through this partnership, Aditya Birla Health Insurance will market its retail and group products with innovative features to suit the needs of SVC Bank customers from all socio-economic segments across the country, Aditya Birla Health Insurance Co (ABHICL) said in a separate statement.
ABHICL said it would also be leveraging SVC Bank's presence and reach to create further deeper penetration in offering their services.
The bank, which is an arm of Aditya Birla Capital, with presence in key cities across India will provide ABHICL a boost towards further strengthening its distribution, it said further.
"Bancassurance tie-up forms an important part ABHICL's growth strategy. This tie-up will enable us to leverage SVC Bank's retail and corporate banking pan-India customer base, robust distribution network, strong brand name and legacy of over 100 years," said Mayank Bathwal, CEO, Aditya Birla Health Insurance Co. Limited.
Bathwal further added that owing to the huge opportunity and low penetration in the health insurance segment, the company will be able to cover a wide range of customers at SVC Bank.
Anoop Pabby, Managing Director and CEO, DHFL Pramerica Life Insurance (DPLI) said, "Together with SVC Co-operative Bank, DHFL Pramerica Life Insurance will continue to work on increasing penetration of life insurance by offering customised products and making insurance more accessible. The strong distribution channel is a strategic move towards further enhancing our distribution footprint across the country."
Ajit Venugopalan, Managing Director, SVC Bank said bank's legacy and service advantage combined with ABHICL and DPLI will help in delivering new age solutions to customers.
SVC Bank is one of the oldest urban co-operative bank in the country which as set up in 1906.