Beneath this tie-up, BAGIC’s complete suite of insurance coverage services might be provided to HSBC’s huge buyer base in India, primarily based on a shared imaginative and prescient of monetary inclusion and buyer empowerment throughout the nation.
Commenting on the partnership, Tapan Singhel, MD & CEO of BAGIC, mentioned, “We’re happy to announce our partnership with HSBC, a world monetary establishment with a robust presence in India. Via this collaboration, we goal to supply complete insurance coverage options to HSBC’s valued clients.”
HSBC’s well-established community, coupled with BAGIC’s insurance coverage experience, creates a robust synergy that may allow us to supply tailor-made and modern monetary options, Singhel mentioned.
“By combining our strengths, we try to empower people and companies to navigate uncertainties with monetary safety. Collectively, we’re dedicated to enhancing insurance coverage penetration and selling monetary inclusion for a safer monetary future in India”, he mentioned.
Sandeep Batra, Head of Wealth and Private Banking, HSBC India, mentioned, “We’re blissful to accomplice with Bajaj Allianz and are excited to convey best-in-class insurance coverage merchandise to our clients. This collaboration reinforces our dedication to offering seamless, one-stop monetary options that exceed our clients’ expectations. We’re additional solidifying our place as a trusted monetary accomplice and worldwide financial institution of selection.”
As the one worldwide financial institution in India providing a full suite of monetary companies, together with banking, asset administration and insurance coverage, HSBC India is dedicated to delivering a particular providing to clients, he added.
Bancassurance is an insurance coverage distribution mannequin wherein insurance coverage corporations accomplice with banks to promote insurance policies. Each the financial institution and the insurance coverage firm profit from this association.
Whereas the financial institution earns a fee from the insurance coverage firm, the insurer features from the financial institution’s distribution community.
Insurance coverage regulator IRDAI broadly opened the bancassurance channel for insurers in 2022 as a part of its total effort to extend insurance coverage penetration within the nation and obtain the long-term aim of ‘insurance coverage for all’ by 2047, when the nation will have fun its golden jubilee of independence.
The regulator had paved the way in which for company brokers (banks) to have distribution ties with a most of 9 life insurers, 9 basic insurers, and 9 well being insurers. Additionally, insurance coverage advertising and marketing companies (IMF) can now enter into ties with as many as six life, basic, and well being insurers.
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