India: Axis Bank and Bajaj Allianz General Insurance Forges Bancassurance Alliance To Boost Insurance Penetration

In this iPMI Global country updates article, we go to India, and take a look at news that Axis Bank and Bajaj Allianz General Insurance has forged a bancassurance alliance to boost insurance adoption.

Axis Bank, one of the leading private sector banks in India and Bajaj Allianz General Insurance, one of the leading private general insurers in India, have entered into a strategic partnership to offer a comprehensive suite of General Insurance products through Axis Bank’s extensive network of 5250+ branches. As a part of this collaboration, Bajaj Allianz General Insurance will offer a comprehensive suite of insurance solutions covering personal insurance products such as motor insurance, health insurance, home insurance, and travel insurance, along with commercial insurance products including engineering insurance and marine insurance. 

This partnership will focus on customer-centric approach, to provide the Bank’s customers with customized products and services to address individual needs and ensure optimal coverage. By leveraging its digital capabilities, Axis Bank will facilitate instant access, enhance customer experience, drive insurance penetration and financial inclusion across the country. This collaboration will significantly strengthen Bajaj Allianz General Insurance’s distribution reach, enabling them to cater to a broader customer base and offer varied insurance solutions to diverse demographics. 

Speaking on the announcement, Mr. Munish Sharda, Executive Director and Head of Bharat Banking, Axis Bank, said, ‘’Our alliance with Bajaj Allianz General Insurance, paves the way for a future where comprehensive insurance solutions are readily available and easily accessible to all, fostering a secured and empowered India. This partnership will transform the insurance landscape, as we combine Bajaj Allianz General Insurance’s diverse portfolio of insurance offerings with Axis Bank’s extensive customer base and distribution network. Through our customer-centric approach and a shared commitment to excellence, both organizations aspire to drive increased awareness and adoption of insurance solutions among consumers.”

Speaking on the announcement, Mr. Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance, “We are delighted to announce our partnership with Axis Bank, a prominent institution in the Indian financial landscape known for its unwavering dedication to customer service. At Bajaj Allianz General Insurance, it has always been our endeavour to serve every citizen of our country, and collaborating with a strong partner like Axis Bank is invaluable. Their widespread presence extends our reach to every corner of the country, ensuring accessibility to our tailor-made insurance products.

Raising awareness about insurance is crucial, but ensuring accessibility is equally vital. Through this partnership, we aim to significantly enhance the reach and adoption of insurance products in India, particularly in underserved communities. By offering our comprehensive insurance solutions across urban and rural areas, we empower individuals and families to navigate life’s uncertainties with peace of mind.

This collaboration marks a significant step towards furthering financial inclusion and fostering a more secure future for individuals, families, and businesses across India. Together with Axis Bank, we are committed to providing exceptional service and safeguarding the well-being of our customers.”

Some of the key drivers to propel our growth by partnering with Bajaj Allianz will be focussed on:

Accessibility of Innovative Product Solutions: Bajaj Allianz partnership will offer various innovative products alongside their existing bouquet of products. Our customers can access a wide range of insurance solutions and fulfil their insurance needs.

Digital Landscape and Capabilities: As Axis Bank continues to make waves through digital offerings, we will leverage Bajaj Allianz technological capabilities and build Axis Marketplace which will help our customers to buy health and general insurance plans at their convenience.

Building Motor Insurance Franchise: We also want to build innovative solutions for Axis Bank customers for their motor insurance needs. Considering India is still underpenetrated in this segment, we will leverage Bajaj Allianz’s capabilities to offer unique propositions such as Pay as you drive and effective claims management.

Health Insurance: Protecting health of our customers is paramount to the Bank’s objective and partnering with Bajaj Allianz gives us never-before-heard solutions, especially on OPD and wellness products. We will be focussing on launching segmental products catering to various Bank customers’ needs in our Burgundy, Burgundy Private, Priority, Prestige and Liberty Segments.


UnitedHealthcare Global

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