Financial Daily from THE HINDU group of publications
Friday, Mar 17, 2006
Financial Daily from THE HINDU group of publications Friday, Mar 17, 2006 |
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Money & Banking
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Life Insurance BSLI ties up with 5 co-ops Our Bureau
Mumbai , March 16 Birla Sun Life Insurance (BSLI) has entered into bancassurance tie-ups with five cooperative banks. It has tied up with the Indian Mercantile Cooperative Bank in Lucknow, Krishna Mercantile in Bhopal, Thane Bharat Sahakari Bank, Nagaland State Cooperative Bank and Jamshedpur Urban Cooperative Bank. Mr Nani Javeri, CEO, BSLI said, "We are now looking at replicating our extremely robust and successful bancassurance model with key cooperative banks in the country which offer tremendous opportunities for life insurance sales in hitherto untapped customer segments." According to a release from BSLI, the bancassurance channel contributes nearly 45 per cent of the total individual life sales. The company currently has tie ups with Citibank, Deutsche Bank, IDBI Bank, Catholic Syrian Bank, Karur Vysya Bank, Development Credit Bank and HBL Global. BSLI has set up a team within the organisation to drive this initiative. The company is evaluating possible tie-ups with several other cooperative banks in the country, said the release.
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