SBI (Mauritius) and Island Life Assurance in strategic bancassurance tie-up
SBI (Mauritius) and Island Life Assurance announced this week their strategic tie-up to distribute ILA’s life insurance and pension products through the branches of SBI. This tie-up will help strengthen ILA’s strategy of multi-channel distribution and improved presence across the country.
The whole objective is to create a one-stop shop for customers and deliver them world-class service. SBI will offer both banking and insurance services under one roof. Mr Vinayakumar Balakrishnan, GM of ILA said that this model will enable banks to enter the insurance space at minimal cost of set-up and distribution. The bank can provide its customers with professional insurance advice through trained insurance professionals.
Mr J.S. Hiremath, MD and CEO of SBI (Mauritius), on his part, said that this initiative is in line with their aim of achieving customer delight. The coming together of SBI and ILA will aim to provide superior customer experience in terms of a more comprehensive service. This alliance will set a new and higher benchmark in customer-centricity and service-excellence under the best bancassurance partnership in this country.