Karnataka Bank Enters Agreement with Bharti Axa Life Insurance

Karnataka Bank entered exchanged a memorandum of understanding with Bharti Axa Life Insurance Company Ltd for distribution of the latter’s life insurance products.

This is the third similar tie-up by the Bank after with PNB Metlife India Insurance Company Ltd and LIC, both of whom continue to provide insurance solutions to the customers of Karnataka Bank.

With 95 years of banking experience and being one among the prominent first generation private sector banks in India, Karnataka Bank is into distribution of life insurance products to its customers for the last 16 years.

The Corporate Agency Agreement was inked at the head office of the Karnataka Bank by Bharti representatives of the Karnataka Bank and the Bharti Axa Life Insurance Company Ltd.

Changing needs

Speaking on the occasion, Karnataka Bank MD and CEO Mahabaleshwara M S said, “Customer’s needs are changing and increasing on day to day basis. It is necessary to stand up to the expectation of customers and work to ensure customers’ delight. The Bank will be able to provide wide choices of life insurance products to its customers across all its 836 branches, supported by the popular customer centric products of Bharti AXA Life Insurance Company Ltd.”

Further, he said, “As insurance penetration is poor in India, there is also an emerging need to improve the insurance business penetration. Karnataka Bank is happy to cover the life of more and more citizens and their family members.”

Robust network

Sam Ghosh, MD, Financial Service, Bharti Enterprises Ltd, said, “The partnership is an important part of our growth strategy that requires a robust distribution network. This will possible as Karnataka Bank is having its existence at every nook and corner of the country.”

Vikas Seth, CEO and MD, Bharti AXA Life Insurance Company Ltd, said “Bharti AXA Life Insurance Company Ltd will strive hard to create customised insurance solutions for the Bank’s customers and is committed to setting a new benchmark in claim settlement process.”