Max Life Insurance Co. Ltd. (“Max Life“), and YES BANK Limited (“YES BANK“), today marked an important business milestone upon completing 16 years of their strategic bancassurance partnership. Celebrating the milestone, the two companies have reiterated their commitment towards building a digitally enabled ecosystem that provides customers a seamless experience in their financial planning and protection journey.
Over the last sixteen years, the companies together have sold approximately 3.89 lakh policies, and offered sum assured worth Rs. 51,780 crores to policyholders and their families.
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Commenting on the milestone, Mr. Prashant Tripathy, Managing Director and CEO, Max Life, said, “The industry has been through an unprecedented period over the last one year, and it is on the back of long standing and successful partnerships like YES BANK-Max Life that we have grown and served our customers without disruption. We highly value the partnership with the bank for their unwavering integrity, financial strength, and distribution prowess, and look forward to jointly setting new benchmarks in the coming years”.
He added, “I would like to thank YES BANK and our customers for helping us build one of the longest-standing and successful relationships in the industry. Over the next few years, our aim is to strengthen our approach to offer superior customer experience by deploying new-age technology, offering new products, and enhancing service efficiencies.”
Rajan Pental, Global Head – Retail Banking, YES BANK, said, “Our long-standing partnership with Max Life Insurance has not only helped us deliver new and relevant offerings, but also enhance overall customer experience. We are pleased to celebrate this milestone and reinforce our commitment to offer holistic financial solutions to our customers. We look forward to strengthening our partnership meaningfully in the years to come.”
About Max Life Insurance (www.maxlifeinsurance.com)
Max Life Insurance Co. Ltd. (“Max Life“) is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is a part of the Max group, an Indian multi business corporation, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance group.
Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multichannel distribution including agency and third distribution partners. Max Life has built its operations over almost two decades through need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital.
As per public disclosures, during the financial year 2019-20, Max Life achieved gross written premium of Rs. 16,184 crore. As on 31st March 2020, the Company had Rs. 68,471 crore of assets under management (AUM) and a Sum Assured in Force of Rs. 913,660 crore.
For more information, please visit the companys website at www.maxlifeinsurance.com
About YES BANK
YES BANK is a ‘Full Service Commercial Bank‘ providing a complete range of products, services and technology driven digital offerings, catering to Retail, MSME as well as corporate clients.
YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a Pan-India presence across all 28 states and 8 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at www.yesbank.in.