Chennai: Max Life Insurance Co. Ltd. and Axis Bank, one of India’s largest private sector banks, celebrate the completion of thirteen years of Bancassurance partnership which has protected the financial future of its customers with a comprehensive suite of life insurance solutions.
The partnership has since inception served more than 25 lac* customers with over INR 3,81,900 Cr.* worth of sum assured to cover their risks. The alliance aims to further strengthen its distribution network, leverage cutting-edge technology and offer differentiated products in the marketplace, as part of their long-term strategy.
Mr. V. Viswanand, Deputy Managing Director, Max Life, said, “As our promoter and a successful Bancassurance partner of 13 years, our relationship with Axis Bank has grown in strength over the years. We are strongly focused on increasing the momentum and are well positioned to capitalise on what we have already achieved. We will continue to build on our vision of strengthening our position as a top leader in the Indian Life Insurance sector and deliver strong value to all stakeholders.”
Commenting on the occasion, Mr. Ravi Narayanan, Group Executive & Head – Branch Banking, Retail Liabilities and Products, Axis Bank, “We truly believe that for any collaboration to be successful the partners need to have not just a shared goal or vision, but also the same values. Our shared values of customer obsession and collaboration have enabled us to strengthen our alliance over the past decade. With the right technology, products and people on our side, we aim to further deepen and build on it.”
The acquisition of 12.99 percent equity share capital in Max Life by Axis Group has further strengthened the shared commitment towards deepening insurance penetration in India.