Aviva, the UK-based life assurance, insurance and pensions group, has formed a banc assurance alliance with Induslnd Bank in India.
Induslnd Bank has 148 branches in 118 locations throughout India, reaching a broad customer base of 1.4 million. Through the new partnership, Aviva Life Insurance will offer Induslnd Bank customers a range of life insurance and savings products.
Aviva Life Insurance, one of the pioneers of the bancassurance model, now has 30 bancassurance partners in India, the largest number of bank partnerships owned by any private insurer. Through its branches and its bancassurance partner locations, Aviva products are available in a total of 497 towns and cities across India.
“We are delighted to have signed a bancassurance deal with IndusInd Bank, one of India’s fastest-growing private sector banks,” says Philip Scott, executive director, Aviva International. “This partnership is another important milestone for Aviva India, further strengthening our position in the bancassurance market, and will assist in our rapid growth in the region.”