Reliance Capital, the financial services arm of the Anil Ambani Group, said its insurance unit, Reliance Nippon Life Insurance, signed up state-owned Bank of Maharashtra as a corporate agency to distribute its products.
The Anil Ambani Group company said partnership further will increase distribution fee revneue for the bank.
“Bank of Maharashtra with its extensive network of branches enjoys great visibility across metro, urban, semi-urban and rural geographies across India, more particularly in the state of Maharashtra. The tie-up will enable Reliance Nippon Life Insurance to further its customer outreach,” it said.
“Bank of Maharashtra presents a very large opportunity,” said Ashish Vohra, Executive Director & CEO, Reliance Nippon Life Insurance .
“Our long-term protection and assured return product suite complements the offering from the Bank. This, together with the Bank’s brand salience in its core markets, allows us to leverage our capabilities for maximizing value to our customers.”
Corporate entities represent an insurance company and sell its policies. Usually they are engaged in a particular business and sell insurance policies to their existing customers based on the situation.
“This partnership will further complement the bouquet of financial solutions viz. protection, savings and investment solutions that we offer to our customers,” said Ravindra Marathe, Managing Director, Bank of Maharashtra.
“Reliance Nippon Life Insurance, with a vast distribution coverage of over 700 branches, is uniquely positioned to service our customers and distribution operations across urban and rural markets,” he added.
Nippon Life Insurance Company is the largest Japanese life insurance company by revenue.