Money & Banking

HDFC Life bets on bank/NBFC tie-ups to reach customers

Surabhi Mumbai | Updated on February 24, 2019

Suresh Badami, Executive Director, HDFC Life   -  P_V_SIVAKUMAR

HDFC Life Insurance believes that insurers need to cater to the complete lifecycle of a customer and is of the view that the recent change in its top management will not lead to a significant change in its strategy.

“We cover the entire life stages of any individual and we have products to offer at every stage. At every life stage, there’s an opportunity for a product — be it deposit, investment or life insurance. We have to make sure that we reach out to our customers at each of these stages,” said Suresh Badami, Executive Director at HDFC Life.

Strategy

Talking about the company’s strategy, Badami said it works on both product innovation and distribution strategies and has tied up with a number of banks and NBFCs.

“We have a clear strategy in terms of how we reach out to every segment of people in the country. We have tied up with small finance banks such as Ujjivan, Utkarsh and Capital SFB. They have a very strong presence in their respective market, which helps us reach out to customers. For instance, in the East, we have Bandhan Bank as a large partner, in the South, we have Ujjivan...,” Badami said.

Asked about the recent change in the top management, with Vibha Padalkar taking over as the Managing Director and CEO after the exit of Amitabh Chaudhry, he said, “Most of us have been there for a long time... We have had a strategy in terms of growth and focus areas.”

The insurer is also hoping to continue with its current growth strategy. For the third quarter this fiscal, HDFC Life posted an 18.47 per cent increase in net profit. “We believe we will be able to outpace the industry,” Badami said.

Published on February 24, 2019

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