Standalone health insurance company Apollo Munich announced its partnership with Axis Bank for offering bank customers customised insurance policies.
“We along with our partner will design and offer customised health insurance products to the bank’s customers, as per their requirements. Policy issuance and service will be driven by paperless online process, ensuring minimum turnaround time,” Antony Jacob, CEO, Apollo Munich Health Insurance, said.
This is the fourth bancassurance tie-up that the company has entered, he said, adding the sales through banking channel are contributing over 10 per cent to the topline.
Through bancassurance, health insurance penetration is expected to grow rapidly as there are more than one lakh bank branches in the country, with a majority located in rural and semi-urban areas, he said.
“We at Apollo Munich believe in the potential banks’ hold as a distribution channel. They can aid us in strengthening our reach in the tier II and III cities overnight,” he added.
Commenting on the partnership, Rajiv Anand, head retail banking, Axis Bank said it will help further expand existing bouquet of offerings and put forth a compelling proposition and ensure the health and well-being of customers.
Besides, Apollo Munich Health Insurance has distribution partnership with Canara Bank, Indian Overseas Bank and Citi.
Earlier this week, Apollo Hospitals Group firm Apollo Energy company announced selling of its 23.3 per cent stake in Apollo Munich Health Insurance company to its German partner Munich Re for Rs. 163.5 crore.
Post the transaction, Munich Re’s stake in the insurance joint venture would increase to 48.7 per cent.