The Hindu Business Line : MetLife ties up with UTI Bank

MetLife India Insurance Co Pvt Ltd has entered into a bancassurance tie-up with UTI Bank. This is MetLife's fourth bancassurance tie-up after J&K Bank, Karnataka Bank and Dhanalaxmi Bank.

Mr Rajesh Relan, Managing Director, MetLife, said, "The bancassurance tie-up with UTI Bank will complement MetLife's 10,000 strong agency force. While agents form one half of our sales push, bancassurance forms the second half."

The tie-up will give MetLife a national footprint as UTI Bank currently has 465 branches and more than 2,000 ATMs, he said, adding that UTI Bank will have 550 branches and 2,500 ATMs by March 2007. "There were 11 other private insurance companies in the race for the tie-up," he said, adding "MetLife was selected by the bank after extensive assessment of complementary strengths."

Speaking about the model of the tie-up, he said, "It is a referral model whereby leads generated by UTI Bank will be executed by the MetLife staff stationed in the bank branches." This would prove to be a win-win strategy for both as it will enable UTI Bank to augment its non-fund-based fee income, he added.

MetLife's market share among the life insurers today stands at 0.2 per cent.

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