Aditya Birla Health Insurance & IDFC FIRST Bank Partner for Bancassurance

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Bangalore, November 03, 2022: Aditya Birla Health Insurance Co. Limited. (ABHICL), the health insurance subsidiary of Aditya Birla Capital Limited (ABCL), a leading non-bank financial services conglomerate today announced its bancassurance partnership with IDFC FIRST Bank, a new age bank, for the distribution of health insurance products through the Bank’s state-of-the-art digital platform and its wide distribution network.

Commenting on the association, Vikas Sharma, Head of Wealth Management & Private Banking, at IDFC FIRST Bank said, “We look at the partnership with Aditya Birla Health Insurance, a trusted brand in the health insurance space, as yet another step in our customer-first endeavour. Protection solutions are an integral part of any financial planning exercise and we are committed to offer best value health insurance solutions to our customers through this partnership.”

Mayank Bathwal, CEO – Aditya Birla Health Insurance, said, “We are pleased to partner with IDFC FIRST Bank, which is a fast-growing name in the domestic banking sector. This bancassurance partnership will help further strengthen our distribution and unlock growth opportunities through the Bank’s wide network. This tie-up will help us reach the extended market base with our ‘Health First’ insurance solutions thereby increasing insurance penetration in the country. Our alliance with IDFC FIRST Bank will also help empower the Bank’s customers with protection solutions from our comprehensive product portfolio.’’

Aditya Birla Health Insurance company has a presence in over 4000 cities spread across the length and breadth of the country.  With a vast network of more than 10,000 hospitals, ABHI can provide health insurance facility to the deeper and underpenetrated parts of the country. 

IDFC FIRST Bank has a digital-first approach and serves customers through its state-of-the-art netbanking platform and an intuitive, user-friendly and contemporary mobile app, which complement its nationwide branches, ATMs and loan servicing centres.

About Aditya Birla Health Insurance Co. Limited, an Aditya Birla Capital Limited company: Aditya Birla Health Insurance Co. Limited (ABHICL), a subsidiary of Aditya Birla Capital Ltd. (ABCL), is a joint venture between Aditya Birla Group and Momentum Metropolitan Holdings of South Africa. ABHICL was incorporated in 2015 wherein Aditya Birla Capital Limited (ABCL) and Momentum Metropolitan Strategic Investments (Pty) Limited (Formerly known as MMI Strategic Investments (Pty) Ltd.) hold 51% and 49% shares respectively.

ABHICL commenced its operations in October 2016 and is engaged in the business of health insurance. Company’s current product portfolio includes unique offerings including chronic care and incentivized wellness. Covering over 22 mn lives, ABHICL has nation-wide distribution presence in over 4000 cities through branches and partner offices, 14 bancassurance partners and over 68,000 direct selling agents. ABHICL has scaled and diversified digitally enabled distribution, bancassurance available through 17,000+ branches, and 43+ digital partners covering 6 Mn.+ lives through 50+ contextual byte-sized and contextual products.

About Aditya Birla Capital: Aditya Birla Capital Limited (ABCL) is the holding company for the financial services businesses of the Aditya Birla Group.

ABCL’s subsidiaries have a strong presence across Protecting, Investing and Financing solutions, ABCL is a universal financial solutions group catering to diverse needs of its customers across their life stages.  Powered by more than 33,500 employees, the subsidiaries of ABCL have a nationwide reach with 1,094 branches and more than 2,00,000 agents / channel partners and several bank partners. 

As of June 30th, 2022, Aditya Birla Capital Limited manages aggregate assets under management over Rs. 3,550 billion, has a consolidated lending book of approx. Rs. 699 billion, and an active customer base of approx. 39 million, through its subsidiaries and joint ventures.

Aditya Birla Capital Limited is a part of the Aditya Birla Group, in the league of Fortune 500. Anchored by an extraordinary force of over 140,000 employees, belonging to 100 nationalities. Today, over 50% of Group revenues flow from overseas operations that span 36 countries in North and South America, Africa, Asia, and Europe.

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