Axis Bank partners with Tata AIG to offer General Insurance policies to its customers

Axis Bank, India’s third largest private bank today announced the signing of a strategic agreement with Tata AIG General Insurance as its Corporate Agent for General Insurance.

Under the partnership, Tata AIG will offer a range of General Insurance solutions to Axis Bank customers through the Bank’s extensive distribution network across India. This initiative by Axis Bank is aimed at enhancing insurance cover options, while offering Tata AIG’s award winning Customer and Claims service to its’ customers across the country.

Axis Bank with a network of 1674 branches,10,337 ATMs and a presence spread across 1080 cities as on June 30th 2012, is uniquely poised to offer banking services and insurance benefits to a broad base of customers through various distribution channels including Retail Branches, Sales & Distribution channels, Direct Marketing, Web Sales, ATMs etc.

Tata AIG General Insurance is one of the fastest growing private general insurance companies. The Company is backed by the Tata Group and draws global insurance expertise from its JV partner AIG. With a strong growth over prior of 40% in FY 2011-12, the Company is well poised to deliver its promise of protection to its customers at all times. Recently the Company has been awarded the Claims Service Company of the Year Award recognizing its’ best in class claims services.

This association will therefore leverage the strengths of both companies to bring to Axis Bank customers a comprehensive suite of insurance covers designed to protect all aspects of their lives. The Axis Bank-Tata AIG partnership will offer insurance policies providing protection for a range of insurance needs including Motor, Health, Travel, Home in Retail and Liability, Property, etc. in Commercial lines. These products would be available at Axis Bank’s retail branches across India and through direct marketing channels such as online, mailers etc.

Mr. R. K. Bammi, Executive Director – Retail Banking, Axis Bank, said, “Customer interest is paramount to us and we continually  evolve our services to suit their changing needs and expectations. Our detailed study of current insurance offerings revealed that Tata  AIG General Insurance has wide product range and expertise to address the needs of our customers while delivering top of the class  customer & claims service.”

 

K. K. Mishra, CEO, Tata AIG General Insurance, said that the introduction of Tata AIG Insurance products will complement Axis  bank’s existing financial offerings by providing protection to its customers through Insurance. Elaborating further he said, “The desire to  protect oneself and one’s family is universal, and customers can trust us to provide simple, convenient and competitive products to meet  their General Insurance needs.”

“As one of the fastest growing insurance companies, we can bring the strength of our insurance expertise to deliver world standard insurance covers along with customer oriented claims services to Axis Bank’s customers. We also look forward to leveraging the bank’s deep and wide distribution network and their strong customer portfolio to enhance the growth and profitability of both companies.” He added.

As one of the first new private banks to have begun operations in 1994, Axis Bank’s position as a leading bank, strong financial track record and its diversified customer base; is a testament to its commitment to be a preferred financial solutions provider to its customers.  Tata AIG, which draws its values from the Tata Group and benchmarks international best practices from AIG is amongst the top leading Private General Insurers in India. It is a market leader in providing trustworthy insurance solutions that help its customers protect their most prized possessions from an uncertain tomorrow. The combination of these two entities, therefore, will offer customers an opportunity to trust their financial goals in the able hands of this partnership.