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Aditya Birla Health Insurance Co Ltd (ABHI), a standalone health insurer, has entered into a bancassurance partnership with IDFC FIRST Bank for distribution of health insurance products through the bank’s digital platform and its wide distribution network.
Mayank Bathwal, CEO - Aditya Birla Health Insurance, said, “This bancassurance partnership will help further strengthen our distribution and unlock growth opportunities through the Bank’s wide network. This tie-up will help us reach the extended market base with our ‘Health First’ insurance solutions thereby increasing insurance penetration in the country. Our alliance with IDFC FIRST Bank will also help empower the bank’s customers with protection solutions from our comprehensive product portfolio”.
Distribution model
Bancassurance is an insurance distribution model where insurance companies partner with banks to sell policies. Both the bank and the insurance company get to benefit from this arrangement. While the bank earns a commission from the insurance company, the insurer gains from the distribution network of the bank.
Vikas Sharma, Head of Wealth Management & Private Banking, at IDFC FIRST Bank, said, “We look at the partnership with Aditya Birla Health Insurance as yet another step in our customer-first endeavour. Protection solutions are an integral part of any financial planning exercise and we are committed to offer best value health insurance solutions to our customers through this partnership.”
ABHI has a presence in over 4,000 cities. With a vast network of more than 10,000 hospitals, ABHI can provide health insurance facility to the deeper and underpenetrated parts of the country.
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