Birla Sun Life Insurance strengthens its relationship with Development Credit BankJune 24th, 2009 - 8:12 pm ICT by Sampurn Wire
Renews its 6 year long Bancassurance partnership for additional 3 years
Mumbai, 24 June 2009: Birla Sun Life Insurance (BSLI) announced the renewal of its bancassurance partnership with Development Credit Bank (DCB), today. This strong partnership, which has been in existence for a period of 6 years will be extended for an additional duration of 3 years by both parties.
Over the past 6 years, DCB has played a significant role towards scaling and supporting BSLI’s bancassurance business. DCB ranks amongst the top 3 bancassurance partners of BSLI and contributes over 10% to the company’s overall bancassurance business. DCB has been instrumental in establishing BSLI’s association with close to 50,000 policyholders. Moreover, the partnership has recorded strong inflow of renewal premium income for BSLI signifying consumer’s trust and satisfaction in the service standards delivered through the partnership.
Commenting on the development, an official spokesperson from Birla Sun Life Insurance said, “BSLI believes in partnering with organizations that are driven by a customer centric approach and can strengthen the company’s reach towards providing need based life insurance solutions to a wide-spread customer base. DCB has been instrumental to this effect and has helped us achieve growth through our bancassurance business through consistent performance. We value our partnership with DCB and are happy to extend it towards reaching our customers through a channel and name they already trust in”.
Mr. Murali M. Natrajan, MD and CEO, DCB, said, “After a successful partnership spanning over 6 years, DCB has renewed its relationship with BSLI for the second time despite stiff competition from peers. DCB has posted a 100% y-o-y growth in fiscal 2009 even as the industry recorded -6% Y-O-Y growth.’ He added, “DCB’s success has been through effective positioning of BSLI’s products to its customer segments. Policyholders through DCB have a high persistency (renewal premium) reflecting the quality of service and advice offered by DCB and BSLI jointly. The growth stands testimony to the quality, expertise and experience of our manpower”.
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