The collaboration aims at combining synergies to enhance the reach of health-based protection solutions to the varied customer segments of SVC Bank
Mumbai, : Aditya Birla Health Insurance Co. Limited. (ABHICL), the Health Insurance arm of Aditya Birla Capital Limited today announced a corporate-agency partnership with SVC Co-operative Bank Limited (SVC Bank)- one of the oldest Urban Co-operative Bank in India.
Through this partnership, Aditya Birla Health Insurance will market its retail and group products with innovative features to suit the needs of SVC Bank customers from all socio-economic segments across the country.
Commenting on the partnership, Mr. Ajit Venugopalan, Managing Director, SVC Bank said “We welcome Aditya Birla Health Insurance Co. Limited. as our Bancassurance partner. Our legacy and service advantage combined with ABHICL’s new-age offerings should deliver more relevant Health Insurance services to our customers, ultimately resulting in better customer satisfaction. We look upto this partnership with high expectations of a best-in-class health insurance service experience for our customers, as a part of our 360-degree financial service offerings.”
Mr. Rakesh Singh, Head Retail Banking, SVC Bank said, “This partnership is in line with our endeavour to expand our service offerings, strategically have more partners and become a Retail Banking Supermarket, providing all financial services under one roof. We have a sizeable segment of customers who qualify demographically as Health Insurance seekers. Add to that the changing lifestyle patterns and health risks, we see worth in adding more Health Insurance partners to our repertoire with the intent to give our customers more health insurance offerings to choose from. Thereby helping the customer in making informed decisions related to health risk cover. ABHICL’s offerings will therefore complete the value addition we seek to make to our customers.”
Mayank Bathwal, CEO, Aditya Birla Health Insurance Co. Limited said “Bancassurance tie-up forms an important part ABHICl’s growth strategy and the company has been building strong alliances with various banks to enhance its distribution footprint in the country. We are delighted to have SVC Co-operative Bank Limited. on board. This tie-up will enable us to leverage SVC Bank’s retail and corporate banking Pan-India customer base, robust distribution network, strong brand name and legacy of 100+ years.
He further added, owing to the huge opportunity and low penetration in the health insurance segment, we believe through this strategic tie-up and our robust product offering we shall be able to cover the wide range of the customers at SVC Bank.
ABHICL has been strengthening its distribution reach and is adopting innovations to cater both in urban and rural areas in the country. ABHICL is catering a diverse segment of customers from those suffering from critical illness or health anxious people worried about deteriorating health to customers who are completely fit and healthy, by offering tailor-made solutions for individuals in the particular segment.
ABHICL would also be leveraging SVC Bank’s presence and reach to create further deeper penetration in offering their services. The bank, with presence in key cities across India will provide ABHICL a boost towards further strengthening its distribution.
SVC Bank is committed to giving the best services to its customers, and when an area as significant as health insurance is concerned, the bank would like its partner to take good care of customers’ needs and respond positively to their grievances. SVC Bank plans to offer health insurance to its customers across all its branches. SVC Bank is confident that ABHICL will be able to provide affordable insurance products, customized to the requirements of its clientele even in small centres. Technology will play a major role in the seamless delivery of
the services and defining customer experience.