KOLKATA: In a bid to concentrate on new enterprise after buying Aegon Life early this 12 months and present process a renaming train, Bandhan Life Insurance coverage on Thursday introduced a strategic partnership with Bandhan Financial institution to distribute life insurance coverage merchandise by its intensive community of 1,700 branches. Bandhan Life said it has plans to rope in additional banks on board within the close to future to strengthen its bancassurance distribution channel.
“Initially, we’re specializing in Bandhan Financial institution to distribute our insurance coverage merchandise as we shift our focus to new enterprise. We goal to companion with 2-3 extra banks and discover different multi-channel distribution methods in the end,” Bandhan Life MD & CEO Satishwar B stated.
He added that whereas Aegon Life’s legacy enterprise was primarily acquired on-line, Bandhan Life will concentrate on constructing offline distribution channels to drive development.
Initially, round 550 financial institution branches will distribute two new life insurance coverage merchandise tailor-made for Bandhan Financial institution prospects, the corporate has plans to broaden distribution to all 1,700 branches by the tip of the 12 months.
“Within the first 12 months of operations below Bandhan Life, we count on to generate Rs 300 crore in new premium enterprise. Our present property below administration stand at Rs 4,500 crore, and our annual renewal premium can be round Rs 300 crore,” the CEO stated.
Officers claimed that Bandhan Life could take 4-5 years to realize full-year profitability.
Bandhan Life can be engaged on launching insurance coverage financial savings merchandise focusing on microfinance prospects of Bandhan Financial institution.
“We should cut back the ticket measurement and tailor the product to swimsuit microfinance prospects. The product continues to be in improvement,” officers stated.
Bandhan Financial institution has over 4,000 small service facilities that help its branches, and the insurance coverage financial savings merchandise aimed toward microfinance prospects might be distributed by this community, an official added.
In the meantime, Bandhan Life introduced plans to broaden its presence to round 20 places of work throughout the nation inside a 12 months, up from its present two places of work in Mumbai and Kolkata.
