- Partnership enables Bank’s customers to fulfil their long-term financial goals with Bajaj Allianz Life’s unique products suite
- Products include term, savings, retirement and investment
National, 29 September, 2023: Bajaj Allianz Life Insurance, one of India’s leading private life insurers, and South Indian Bank, a leading Indian private sector bank, announced their strategic partnership, today. The two signed a corporate agency arrangement in Kochi. Through this strategic partnership South Indian Bank’s customers can now fulfill their long-term life goals by investing in Bajaj Allianz Life Insurance’s value-packed products across the bank’s 942 branches in the country.
Mr. Sanchay Kumar Sinha, CGM & Country Head- Retail Banking Department, South Indian Bank signed the agreement with Bajaj Allianz Life Insurance.
Speaking on the partnership, Mr. Dheeraj Sehgal, Chief Distribution Officer – Institutional Business, Bajaj Allianz Life Insurance, said, “Bajaj Allianz Life and South Indian Bank have shared goals of empowering customers with a strong financial portfolio. This partnership will enable us to harness our combined reach and offer customers with investment and risk mitigation products all under one roof. We look forward to engaging with South Indian Bank’s leaders and teams to provide them all the support they’d require, to ensure customers receive the best experience when they have purchased Bajaj Allianz Life’s products to fulfil their financial goals.”
Mr. Sanchay Kumar Sinha, CGM & Country Head- Retail Banking Department, South Indian Bank, “We are excited to partner with Bajaj Allianz Life Insurance, a trusted name in the life insurance industry, and provide their diverse range of life insurance solutions across our touchpoints. Through this alliance, we aim to strengthen our commitment to financial inclusion by making comprehensive insurance coverage easily accessible by all. We believe this partnership will empower our customers to invest in a disciplined and systematic manner to secure their financial future”.
In addition to the comprehensive suite of products, Bajaj Allianz Life Insurance will also offer South Indian Bank’s customers an extensive range of services to ensure they have a seamless experience. From customer service on Whatsapp, LifeAssist – the insurer’s dedicate app, a website in over 10 languages, call centre and more, Bajaj Allianz Life’s tech-enabled services are designed to provide a delightful experience to all customers. Furthermore, the insurer’s new-age technology will integrate with the Bank’s tech environment to ensure both teams are empowered to deliver the best for the customer.
About South Indian Bank
South Indian Bank is a leading Kerala-based Private sector bank with a nationwide presence. The bank’s shares are listed on The Stock Exchange Mumbai (BSE) and The National Stock Exchange of India Ltd., Mumbai (NSE). South Indian Bank has 942 branches, 1175 ATMs and 130 CDR/CDMs across India and a representative office in Dubai, UAE. South Indian Bank is a pioneer in technology-based banking, offering an array of digital products and services. It has one of the youngest workforces in the banking sector in the country. The Bank’s Vision 2024 focuses on the 6 Cs — capital, CASA, cost-to-income, competency building, customer focus, and compliance. For more information, please log on to www.southindianbank.com
About Bajaj Allianz Life Insurance
Bajaj Allianz Life Insurance is one of India’s leading and fastest growing private life insurers. The company is a partnership between two powerful and successful entities in their own right – Bajaj Finserv Limited, one of India’s most diversified non-banking financial institution and Allianz SE, one of the world’s leading asset manager and insurer. The Company commenced its journey in 2001, and today delivers its promise of Life. Goals. DONE through innovative value-packed insurance products that are backed by a robust tech and digital eco-system. Bajaj Allianz Life Insurance continues its journey of transformation through its products and tech-enabled state-of-the-art services to enhance customer delight.
Bajaj Allianz Life now serves over 2.82 crore (as on 30th June 2023), individual customers and many more through its Group plans. The Company has a large distribution network of 503 branches (as on 30th June 2023), and over 1,31,743 agents (as on 30th June 2023), a comprehensive set of trusted partners, and its proprietary sales channels (online and offline). Bajaj Allianz Life Insurance manages Assets Under Management to the tune of over Rs. 95, 317 crores (as on 30th June 2023) with the Individual Claim Settlement Ratio of 99.04% for FY 2022-23 and a Solvency Ratio of 516% (as on 31st March 2023).