BSLI ties-up with five co-op banks

Mumbai, Mar 16 (UNI) Birla Sun Life Insurance (BSLI) has tied-up with five co-operative banks across the country in a move to further consolidate its pioneering position in the bancassurance channel distribution segment.

In the initial phase, BSLI has tied-up with five co-operative banks in different regions with the aim of making them the model set-up for that particular region, an official release here today stated.

''This experience will be replicated with other co-operative banks in the region,'' the release added.

The five co-operative banks are the Indian Mercantile Co-operative Bank, Lucknow, the Krishna Mercantile Co-operative Bank in Bhopal, the Thane Bharat Sahakari Bank in Mumbai, the Jamshedpur Urban Co-operative Bank in Jamshedpur and the Nagaland State Co-operative Bank in Dimapur.

''Bancassurance is a key distribution channel for BSLI with the channel contributing nearly 45 per cent of the total individual life sales,'' the release stated, adding that the company is looking at leveraging the strong relationship banking strengths of the co-operative banks in their respective regions.

''The strategy will be to sell simple products from its suite initially and move up the value chain with increasing awareness levels amongst customers and the staff of the banks,'' the release added.

BSLI currently has tie-ups with Citibank, Deutsche Bank, IDBI Bank, Catholic Syrian Bank, Karur Vysya Bank, Develoment Credit Bank and HBL Global, stated the release.

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