Aviva joins hands with Bank of Maharashtra for its Bancassurance business
First Life Insurance partnership by a PSU under the Open Architecture Scheme
National, 10 January, 2018: Bank of Maharashtra (BoM) a prominent bank in the state of Maharashtra and Aviva Life Insurance today announced that they have entered into a Corporate Agency arrangement for distribution of Life Insurance products. With this tie-up, the Bank through its 1,863 branches will be able to distribute Aviva Life Insurance products across the country.
Under the Open Architecture system, a bank can sell insurance products of multiple insurers in the same category. This ensures that consumers are given multiple choices, and they can buy a product which suits their needs the best.
Shri. R.P. Marathe, MD & CEO Bank of Maharashtra said, “Since inception in 1935, Bank of Maharashtra has built a strong network which has strived for offering comprehensive financial solutions to support wealth creation for its consumers. As per industry reports Insurance penetration in India is merely around 3.42 percent as compared to global average of 6.2 percent. With our association with Aviva, we are delighted to offer superlative products to our customers and are committed in reaching out to the large section of insurable but untapped population in the Tier II and III cities, in the country.”
Talking about its tie-up with the bank Mr. Trevor Bull, MD & CEO of Aviva Life Insurance said “We are extremely happy and honoured to have been invited by Bank of Maharashtra to join hands, to provide wider financial security choices to its customers. With its wide reach, Bank of Maharashtra is one of the premier & most respected public sector banks in India, and through this partnership, together we will be able to serve our customers better and help increase the penetration of life insurance in India “
About Aviva India
- Aviva India is a joint venture between Dabur Invest Corp (DIC) and Aviva International holdings Limited (AIH) – a UK based insurance group, whose association with India dates back to 1834. DIC holds 51% of the share capital while AIH holds 49% of the share capital.
- Aviva in India has 107 branches and over 15,000 FPAs.
- Aviva India’s CSR program ‘Street to School’ focuses on empowering underprivileged children through education.
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