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Insurance
14-Apr-20
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Yes Bank extends bancassurance partnership with Max Life Insurance for 5 years
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Private sector life insurer Max Life Insurance on Monday said Yes Bank has extended the bancassurance partnership for next 5 years. Under the partnership, the products of the life insurer would be sold through the branches of Yes Bank.
Building on the 15-year partnership, the two firms remain committed to offering their customers a broad range of need-based products and services, deploying technology across the customer value chain to further enhance efficiencies and leveraging existing ecosystems to facilitate superior experiences for their customers, the insurer said.
To commemorate the extension of the partnership for another 5 years, the companies will dedicate the current financial year as the 'Year of the Customer', Max Life CEO Prashant Tripathy said.
"In the coming 5 years, we plan to further enhance our business and make investments in the area of technology, new product development, and customer service to ensure we journey together to help our customers realise their real value and financially protect their future," he said.
The companies began their exclusive partnership journey in February 2005, with a core commitment towards securing the financial future of their customers.
Having started the journey by securing lives of the branch banking customers, the relationship has over the years expanded across several new banking verticals including business and rural banking services, which has offered customised solutions to more than 2.5 lakh customers across each and every touch point with the bank.
Rajan Pental, Senior Group President and Group Head for Branch and Retail Banking, at YES Bank, said strategic partnerships and long-standing relationships continue to be the mainstay at the lender. "We are confident that our synergies will not only amplify our reach but also enhance the overall customer experience."
Max Life Insurance is a joint venture between Max Financial Services Ltd and Mitsui Sumitomo Insurance. During 2018-19, Max Life achieved gross written premium of Rs 14,575 crore.
As on March 31 last year, the company had Rs 62,798 crore of assets under management and a share capital including reserves and surplus of Rs 2,767 crore.
YES Bank has a pan-India presence across all 28 states and 9 union territories.
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