Bank of Maharashtra, a public sector bank and a private insurer, Reliance Nippon Life Insurance Co have signed a bancassurance agreement a couple of days back.
The whole motive behind this partnership is to improve the bank’s position when it comes to being one of the most preferred banks in the country. The deal will also enhance the bank’s ability to keep their customers happy and seek new customers.
As per the agreement, Bank of Maharashtra will become a corporate agent for selling insurance on behalf of Reliance Nippon Life Insurance. This would also ensure that Reliance has access to a wider customer base to sell their products.
As per Bank of Maharashtra, it will further improve the services that they are already providing their customers. While Reliance Nippon Life Insurance feels that their protection products will complement the products by Bank of Maharashtra.
The alliance is a strategic plan that will allow both the entities in question to leverage each other’s products and reach out to more customers.