Axis Bank & Max New York Life forge 10-year strategic tie-up

BANGALORE: Axis Bank and private insurer Max New York Life Insurance today forged a 10-year strategic relationship for distribution of insurance product through the bank's branches.

It is a first of its kind tie-up in bancassurance which will provide customised life insurance solutions to the bank's customers, Max New York Life Insurance said in a statement.

The tie-up with Axis Bank will help strengthen Max New York Life Insurance's strategy of multi-channel distribution and its presence across the nation, it said.

Both the partners expect to garner an additional customer base of 20 lakh customers in the next five years, it added.

Announcing the tie-up, Max New York Life Insurance Chairman Analjit Singh said the partnership with Axis Bank was another step towards creating "a top-of-the-rung, balanced multi-channel distribution" network.

Max New York Life Insurance Chief Executive Officer and Managing Director Rajesh Sud said the tie up was set to revolutionise bancassurance tie-ups in India, taking it to the next level.

Each Axis Bank branch will have a dedicated toll-free helpline and hotline for customer service of the insurance company, he added.