Bajaj Allianz Ropes in Axis Bank as a Bancassurance Partner

Published On Nov 18, 2019 12:00 AM By Sakshi Aggarwal

The private life insurer Bajaj Allianz Life has partnered with Axis Bank in order to sell its policies. Bajaj Allianz, which had earlier partnered with Syndicate Bank in August, has persuaded Axis Bank to be a bancassurance partner concluding it as its one of the biggest distribution arrangements. Confirming the partnership, the Managing Director and Chief Executive Officer of Bajaj Alliance Life, Tarun Chugh said, “Our growth momentum will be further fuelled by bank partnerships, and I believe they’ll play a key role in doing so for the next few years.”

Axis Bank has this one as its third distribution arrangement. It had earlier offered to pick a strategic stake in the life company and is now the largest distributor of insurance policies for Max Life Insurance Company. But in July 2016, the company agreed on distributing LIC policies when the exclusivity ended.

Axis Bank has known to be the largest seller of policies for Max Life, over the years. The Bank is also in partnership with two other non-life insurers, viz., Bharti AXA General Insurance and Tata AIG General for which it sells polices. Other health insurance companies that it sells policies for include Aditya Birla Health and Apollo Munich.