The collaboration combines synergies to enhance the reach of Life Insurance solutions to the varied customer segments of United Bank of India
o To increase penetration pan-India with major focus in rural and semi-urban parts of east and north-eastern states
o This tie-up marks HDFC Life’s third PSU Bancasurance tie-up in FY 2019
Mumbai, March 6, 2019: United Bank of India, one of India’s premier Nationalized Banks signed a Bancassurance deal with HDFC Life Insurance Company. United Bank has a strong presence in rural and semi-urban areas with over 2,000 branches and offices while HDFC Life is India’s largest non-bank promoted private life insurer.
This corporate-agency partnership is significant as United Bank of India undertook a rigorous selection process and evaluated 18 private Life insurers and finally selected HDFC Life.
Through this partnership United Bank of India’s customers will be able to take advantage of HDFC Life’s expertise in Life Insurance products, distribution and customer service.
The partnership promises to improve the overall business of both the organizations. For the Bank’s customers, the choice of Life Insurance products will be a value addition. It will increase customer satisfaction and eventually lead to customer delight. Both organizations are committed to a long term, mutually beneficial relationship.
HDFC Life’s multi-channel distribution set up and strong diversified network helps the Company to offer solutions at a scale not easily replicable by smaller players in the industry.
Vibha Padalkar, Managing Director & CEO, HDFC Life said, “We are delighted that we emerged as the preferred partner for United Bank of India, our third PSU Bank tie up this year. HDFC Life has built many strong alliances in the banking world to offer enhanced choice for customers across the country.
This partnership will enable us to reach out and serve existing and prospective customers in urban, semi-urban and rural areas, in particular the relatively under serviced Eastern and North-eastern markets.”
She further added, “We have enhanced our customer engagement model to provide best value proposition to our Bank partner’s customers under the new open-architecture construct in a seamless and customer-centric manner.”
Open architecture, facilitated by the Insurance Regulatory and Development Authority of India (IRDAI) since 2015, allows Banks to sell multiple insurers as
per the unique needs of their customers and the other strategic priorities of the Bank. Earlier, insurance in India followed a tied model where the distributor would sell products of just one insurer.