Aviva Life Insurance and IndusInd Bank, one of the leading new-generation private-sector banks in India, today announced their tie-up as bancassurance partners.
Aviva Life Insurance and IndusInd Bank, one of the leading new-generation private-sector banks in India, today announced their tie-up as bancassurance partners.
Aviva has now extended its leadership position in the bancassurance channel with 30 tie-ups, the largest number of bank partnerships by any private insurer in India. Aviva has increased its presence to 497 locations in the country.
Bhaskar Ghose, managing director, IndusInd Bank, said: "With this tie-up, we are now well on our way to offer an assortment of retail banking products to our account holders. We are certain that our partnership with Aviva would bring in the best in us, which would actually translate in making products and services innovative to our customers, as per our tradition. In the recent past, the Bank received a set of 40 branch licences from Reserve Bank of India which will be giving a shot in arm for maximising the profitability of Bank by selling the insurance and mutual fund products."
Speaking on the occasion, Bert Paterson, managing director, Aviva Life Insurance, said: "The tie-up with IndusInd Bank is an important milestone for Aviva. We are India's leading bancassurer with more partnerships and a first class reputation for implementation. Bancassurance channel contributes close to 65% of Aviva's business in India. With this strategic tie-up with IndusInd Bank, Aviva has found a partner with an extensive distribution reach thus further strengthening our position in the market".
IndusInd Bank shares the vision and values of Aviva and expects to provide Insurance products like LifeLong, SaveGuard, SaveGuard Junior, EasyLife Plus and Pensions Plus to Bank customers in the first phase.
Subsequently, innovative and segmented propositions will be introduced for the customers of IndusInd Bank. The partnership will be on a referral type business model.
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For further information, please contact:
Pooja Khan
Aviva India
Telephone: 0124-2804141
E-mail: pooja.khan@avivaindia.com
Notes to editors:
About Aviva India
Aviva Life Insurance is a joint venture between Dabur and Aviva. Current paid up capital amounts to Rs 758.20 crores. Dabur are the 74% shareholder and Aviva the 26% shareholder. Aviva plc is the UK's largest insurance group and the world's oldest insurance group, with a history dating back to 1696. Today, it is the fifth largest insurer worldwide, with 35 million customers and £332 billion assets under management. Prior to nationalization, Aviva was the biggest of the foreign insurers operating in the Indian market.
Founded in 1884, Dabur is one of India's oldest and largest groups of companies with the group's consolidated annual sales in excess of Rs 1,899 crores. A professionally managed company it is the country's leading producer of traditional healthcare products.
Aviva pioneered the concept of bancassurance in India, and has leveraged its global expertise in this area successfully in India. Bancassurance has been contributing close to 65% of the total sales of Aviva India. Through its branches and its bancassurance partner locations, Aviva products are available in 497 towns and cities across India.
Aviva's products have been designed in a manner to provide customers flexibility, transparency and value for money. We have been among the first companies to introduce unit-linked products in the market.
Aviva has a unique need based sales approach through the "financial health check" (FHC). The FHC is a free service administered by our FPAs (financial planning advisers) for a need-based analysis of the customer's long-term savings and insurance needs. Depending on the life stage and earnings of the customer, the financial health check assesses and recommends the right insurance product for them.
Aviva is also keen to reach out to the underprivileged that have not had access to insurance so far. Through its association with BASIX (a micro financial institution) and other NGOs, it has been able to cover lakhs of lives.