Aviva Life Insurance and Apex Bank form bancassurance alliance
25th July 2007
Aviva Life Insurance and Apex Bank have agreed to enter into a bancassurance partnership, which will provide Aviva with access to a potential customer base of 5.7 million in Madhya Pradesh, India.
Aviva has now extended its leadership position in the bancassurance channel with more than 30 tie-ups, the largest number of bank partnerships by any private insurer in India. The group has also increased its presence to almost 500 locations in the country.
As part of the first phase of the operation, products such as LifeLong, SaveGuard, Pension Plus and Dhan Vriddhi will be made available to Apex Bank's customers. There will also be special products for farmers who have taken loans in the form of farmer's group insurance scheme.
Bert Paterson, managing director of Aviva Life Insurance, said: "The tie-up with Apex Bank is an important milestone for Aviva. Madhya Pradesh is amongst the largest states in the country and has huge potential in the insurance sector. With this strategic tie-up, Aviva has found a partner with an extensive distribution reach, thus strengthening our position in Madhya Pradesh. We are India's leading bancassurer with a leading number of partnerships and a first-class reputation for implementation."