Kotak Life launches referral bancassurance partnership

Kolkata, Oct 16: Kotak Mahindra Old Mutual Life Insurance Limited (Kotak Life Insurance), one of the fastest growing insurance companies in India, today entered into 'referral bancassurance partnership' with Murshidabad District Central Cooperative Bank (MDCCB).

The partnership will enable Kotak Life Insurance to tap the vast customer base of MDCCB in the district and to cater to the semi-urban and rural customers of the region.

It will also provide MDCCB an additional revenue stream from its non-banking businesses, official sources here today said.

Kotak Life Insurance Regional Manager-Alternate channel Puneet Bhargava and the bank's chairman Sekhar Saha announced this strategic tie-up after signing the agreement.

Claiming that the tie-up with MDCCB would offer greater opportunities for life insurance sales in untapped customer segments. The partnership is expected to generate around 5-8 per cent of business in terms of customer penetrating, the sources said.

Besides, the association would also provide Group Credit to the Loan customers thereby offering security to the banks and to the customer's family.

UNI