Kotak Mahindra Old Mutual Life Insurance Limited (Kotak Life Insurance),one of the leading life insurance companies,has announced a strategic tie-up with Shivajirao Bhosale Sahakari Bank. The tie-up will strengthen the reach and penetration of Kotak Life Insurance in Pune using the Co-operative Banks strong network for referrals as well as reach.
Suresh Agarwal,head Alternate Channel,Kotak Life Insurance said. At Kotak Life Insurance,we understand the importance of service and accessibility which matter the most to customers while purchasing insurance. Hence our strategy has been to focus on leading local banks that are high on customer relations and have the capability to provide personalized service. We are confident that our association with Shivajirao Bhosale Bank will strengthen our position in the Western market.
Speaking after signing the agreement,Anil Bhosale,director,Shivajirao Bhosale Sahakari Bank Ltd said,We are extremely pleased to be associated with Kotak Life Insurance. We are confident that we will be able to leverage the skills and expertise Kotak Life Insurance to provide wide range of insurance services to our strong and loyal client base.
Kotak Life Insurance products will be sold through a network of 11 branches of Shivajirao Bhosale Sahakari Bank. This alliance enables Kotak Life Insurance to customised advice and life insurance solutions to over 10,000 customers of the bank. With a total deposit base of Rs. 150 Crores,the bank provides the complete range of banking services to semi-urban and rural customers.
Kotak Life Insurance will sell some of its key products through this banking channel and provide protection,savings and investment solutions to the banks customers. The Company will also focus on ULIPs with Capital Guarantee to cater to the demand of investors in current market scenario.