Federal Bank and Bajaj Allianz Life Insurance Announce Strategic Bancassurance Partnership

Federal Bank and Bajaj Allianz Life Insurance Announce Strategic Bancassurance PartnershipChennai,/Hyderabad, 09th July 2024: Federal Bank, a prominent private sector bank in India and Bajaj Allianz Life Insurance, one of India’s leading private life insurers, has announced a strategic partnership. This strategic partnership will enable Federal Bank’s customers to pursue their long-term life goals by accessing a wide range of value-packed, tailor-made life insurance plans from Bajaj Allianz Life. With this alliance, Federal Bank’s customers can seamlessly access Bajaj Allianz Life Insurance’s products, across the Bank’s extensive network in India.

This strategic partnership aims to leverage the combined strengths of Bajaj Allianz Life and Federal Bank. It aligns with both the companies’ strategic goals and growth plans and will drive insurance penetration and market expansion. It will leverage the shared “Customer First” philosophy, rich legacy, tech expertise, and ability to provide the right products and services to the customers including NRI customers.

Mr. P V Joy, SVP & Country Head, Federal Bank said, “We are pleased to announce a strategic Corporate Agency Bancassurance partnership with Bajaj Allianz Life Insurance Company. This partnership aims to bring the diverse range of life insurance solutions across our touchpoints. This association will enable us in our goal to make insurance easily accessible to everyone. We believe it will help our customers invest wisely and secure their financial future.”

Mr. Dheeraj Sehgal, Chief Distribution Officer – Institutional Business, Bajaj Allianz Life, said, “We are glad to enter into this strategic partnership with Federal Bank, as it represents a significant step towards our shared vision of empowering customers with robust financial solutions to achieve their life goals with confidence. By leveraging Federal Bank’s extensive network and our comprehensive range of life insurance products, we aim to provide customers with seamless access to insurance solutions across various touchpoints. Our focus on contextual innovation backed by a robust tech architecture, leveraging new-age technology and data analytics enables us to maximize such collaborations for an enhanced customer experience.”

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