Indian private sector insurer Bajaj Allianz General Insurance has entered a bancassurance partnership with HSBC India, aiming to expand its insurance product outreach.
This collaboration aligns with the companies’ goal of enhancing financial inclusion in India.
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HSBC India will now distribute Bajaj Allianz’s insurance offerings to its customers, through its 26 branches across 14 cities.
Bancassurance, a model where insurance products are sold through banks, benefits both parties.
Banks earn commissions while insurers leverage the banks’ distribution networks.
Bajaj Allianz General Insurance MD and CEO Tapan Singhel said: “We are pleased to announce our partnership with HSBC, a global financial institution with a strong presence in India. Through this collaboration, we aim to provide comprehensive insurance solutions to HSBC’s valued customers. HSBC’s well-established network, coupled with our insurance expertise, creates a powerful synergy that will enable us to offer tailored and innovative financial solutions.
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By GlobalData“By combining our strengths, we strive to empower individuals and businesses to navigate uncertainties with financial security. Together, we are committed to enhancing insurance penetration and promoting financial inclusion for a more secure financial future in India.”
HSBC India head of wealth and personal banking Sandeep Batra said: “As the only international bank in India offering a full suite of financial services, including banking, asset management and insurance, we are committed to delivering a distinctive offering for our customers.
“We are happy to partner with Bajaj Allianz and are excited to bring best-in-class insurance products to our customers.”
The Insurance Regulatory and Development Authority of India (IRDAI) has been promoting bancassurance to boost insurance penetration.
In 2022, it allowed corporate agents such as banks to partner with up to nine life, general, and health insurers each.
Insurance marketing companies can now collaborate with up to six insurers from each category.
The partnership follows a trend of similar alliances, such as the recent agreement between ICICI Lombard and Karnataka Bank.
With 915 branches and more than 13 million clients, Karnataka Bank will offer ICICI Lombard’s insurance products, including motor, health, and crop insurance.
