Bajaj Allianz Life ties up with Centurion Bank for bancassurance
Our Banking Bureau
19 August 2004
Mumbai: As a strategic move to build a strong presence in the wealth management business, Centurion Bank, announced its tie-up with Bajaj Allianz Life Insurance Company Ltd for bancassurance. As per the arrangement, Centurion Bank will distribute Bajaj Allianz's life insurance products through its branches across India.
Bajaj Allianz Life Insurance has bancassurance partnerships with Standard Chartered Bank and Syndicate Bank contributing more then 20 per cent of the company's business
Centurion Bank will roll out its bancassurance offering by October 1, 2004. In the first phase 46 Branches and 16 extension counters in 27 locations will offer this product. In the second phase 15 branches and 6 EC's in 18 locations will be added, taking the total branch / EC network offering bancassurance products to 83. The bank also proposes to offer specially designed insurance solutions for its customers through the alliance. This partnership is expected to generate significant returns for both partners.
Commenting on the tie-up, Sam Ghosh, country manager, Allianz & CEO, Bajaj Allianz Life Insurance said, "We have one of the most successful bancassurance models and a team of professionals with extensive local and international bancassurance experience. Bajaj Allianz is committed to the route of selective tie-ups and Centurion Bank is a valuable partner for us."
Speaking on the occasion, Shailendra Bhandari, managing director, Centurion Bank said, "We are certain that both partners would be able to capitalise on the inherent synergies of this tie-up. We constantly innovate to offer a wider bouquet of products to our customers. We have started investment advisory services by offering our customers a range of mutual funds and bonds and plan to offer direct equity broking services to our customers through a strategic tie up with a broking house and portfolio management services through tie-ups with select asset management companies. With this insurance tie-up, we are now well on our way to offer wealth management services to our clients."
Bajaj Allianz, which recently changed its name from Allianz Bajaj, has launched over 100 satellite branches, new life and non-life group products which has it earn Rs100 crore gross written premium (GWP) in the first 100 days of this financial year. The company has jumped to third position as per IRDA figures ending June 2004, from seventh at the end of last financial year.