On July 8, 2020, Karur Vysya Bank (KVB), a Scheduled Commercial Bank in India has joined hands with Bajaj Allianz Life Insurance for bancassurance (selling of life assurance and other insurance products and services by bank).
Bancassurance Pact:
As per the pact, KVB will market all retail and group products of Bajaj Allianz including savings, retirement, investment, protection and critical illness life insurance products through its 780 branches.
Key Points:
i.Through this partnership, Bajaj Allianz will strengthen its penetration in southern India, leveraging tech-enabled servicing solutions & comprehensive life insurance products to KVB customers.
ii.KVB will also benefit from the advantage to offer their customers a value-packed life insurance solutions for their financial requirements under a single roof.
iii.Earlier on July 6, 2020, KVB has joined hands with Star Health and Allied Insurance Co Ltd for bancassurance.
What is bancassurance?
Bancassurance is a partnership between a bank and an insurance company, where the bank sells the tied insurance company’s insurance products to its clients.
About Karur Vysya Bank:
Headquarters– Karur, Tamil Nadu.
President & Chief Operating Officer(COO)- Natarajan Jagannathan
Tagline– Smart Way to Bank
About Bajaj Allianz Life Insurance:
Headquarters– Pune, Maharashtra
MD & CEO- Tarun Chugh
