Life insurer PNB MetLife has signed a corporate agency agreement with Bank of Bahrain and Kuwait B.S.C (BBK).
This tie-up will help PNB MetLife distribute its retail and group products to BBK’s customers in India.
With this partnership, BBK customers in India will get access to PNB MetLife’s entire portfolio of products ranging from health, savings, and wealth to rural plans.
Bancassurance As on date, BBK, which is one of the largest commercial banks in Bahrain, has branches at Mumbai, Hyderabad, Aluva and New Delhi.
The bancassurance tie-up forms an important part of PNB MetLife’s growth strategy and the life insurer has already forged many such alliances including PNB, Karnataka Bank and Jammu & Kashmir Bank.
Bancassurance is an arrangement by which a bank and an insurance company partner to enable the insurer sell its products to the bank’s client base.
Ashish Srivastava, Managing Director and CEO, PNB MetLife India Insurance, said: “PNB MetLife has always endeavoured to be ahead of the curve in designing innovative insurance solutions for our customers and it was only natural for us to look at a partner who shares the same ethos. We are glad to announce our partnership with BBK.”
Mallikarjun Kota, Country Head and Chief Executive Officer, BBK, said the bank has been operating in India for over 30 years and is growing consistently both in terms of branch presence and business through diversified product offerings to the salaried class.
Srivats.kr@thehindu.co.in
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.