Axis Bank & Bajaj Allianz General Insurance to boost financial inclusion

By Gloria Mathias

Axis Bank and Bajaj Allianz General Insurance, a private general insurer in India, have entered into a strategic partnership to offer a comprehensive suite of general insurance products through Axis Bank’s extensive network.

As part of this collaboration, Bajaj Allianz General Insurance will offer a comprehensive suite of insurance solutions covering personal insurance products such as motor insurance, health insurance, home insurance, and travel insurance, as well as commercial insurance products, including engineering insurance and marine insurance.

This partnership will focus on a customer-centric approach, providing the bank’s customers with customized products and services to address individual needs and ensure optimal coverage. By leveraging its digital capabilities, Axis Bank will facilitate instant access, enhance the customer experience, and drive insurance penetration and ensure financial inclusion across the country. This collaboration will strengthen Bajaj Allianz General Insurance’s distribution reach, enabling them to cater to a broader customer base and offer varied insurance solutions to diverse demographics.

Munish Sharda, Executive Director and Head of Bharat Banking, Axis Bank, said, “Our alliance with Bajaj Allianz General Insurance paves the way for a future where comprehensive insurance solutions are readily available and easily accessible to all, fostering a secured and empowered India. This partnership will transform the insurance landscape as we combine Bajaj Allianz General Insurance’s diverse portfolio of insurance offerings with Axis Bank’s extensive customer base and distribution network.”

Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance, said, “We are delighted to announce our partnership with Axis Bank, a prominent institution in the Indian financial landscape known for its unwavering dedication to customer service. At Bajaj Allianz General Insurance, it has always been our endeavour to serve every citizen of our country, and collaborating with a strong partner like Axis Bank is invaluable.”

“Raising awareness about insurance is crucial, but ensuring accessibility is equally vital. Through this partnership, we aim to significantly enhance the reach and adoption of insurance products in India, particularly in underserved communities. This collaboration marks a significant step towards furthering financial inclusion and fostering a more secure future for individuals, families, and businesses across India,” added Singhel.