Posted on May 28, 2010 by Sergio Ulloa
Indian insurance company, Aegon Religare Life Insurance is searching for banks interested in a potential partnership to further develop its bancassurance business.
In trying to solidify their multi-distribution channel strategy, Aegon Religare is in talks to find medium- to large-size commercial banks for long-term strategic partnerships revolving around bancassurance distribution models. The company already has partnerships with two district cooperative banks in India but is interested in finding larger commercial banks to increase the strength of their bancassurance business.
This comes as part of a larger push to increase business for Aegon Religare; the company is aiming to bring in Rs 5 billion (US$107.7 million) worth of total received premiums within the 2010-11 fiscal year, which is a sizable increase over the Rs 1.66 billion (US$35.8 million) in total premiums they received for the previous fiscal year.
In order to reach their target, Aegon Religare is expanding its infrastructure and workforce on top of their efforts for more bancassurance tie-ups. Included in the plans is an increase in the number of branch offices from the 57 currently in place to 100 by July 2011, as well as hiring 800 relationship managers and 13,000 additional advisors over the next year. Aegon Religare also intends to unveil a health insurance plan in the next two months to increase their product offerings.
Insurance Company Mentioned:
Aegon Religare Life Insurance Company
Aegon Religare Life Insurance is an India-based joint venture between Aegon, an international life insurance, investment and pension company, the financial services company Religare and Bennett, Coleman & Co. which is a media publishing company. The stake holders own 44%, 26% and 30% respectively. Aegon Religare Life Insurance opened its doors for business in July 2008.