Axis Max Life Insurance and YES BANK Mark 20 Years of Bancassurance Collaboration
New Delhi, India – March 1: Axis Max Life Insurance and YES BANK are celebrating two decades of a strong and enduring partnership, marking a significant milestone in their bancassurance collaboration. This long-standing relationship, launched on February 23, 2005, and solidified with the first insurance policy issued on May 28, 2005, has played a crucial role in providing seamless life insurance solutions and strengthening financial security for customers throughout India.
Over the past two decades, the partnership has served approximately 3.62 lakh customers, processed over 3,725 claims, and disbursed more than Rs267 crore in claims, with a total sum assured exceeding Rs64,000 crore. Leveraging YES BANK’s extensive network of 1,266 branches across the country, the collaboration continues to enhance insurance penetration and boost customer protection nationwide.
Dr. Rajan Pental, Executive Director of YES BANK, emphasized the significance of the partnership. “Our long-standing partnership with Axis Max Life Insurance reflects our commitment to providing holistic financial solutions. With a strong foundation of digital capabilities, customer focus, and a shared commitment to excellence, we are confident that the next phase of collaboration will bring even greater value to our customers and stakeholders alike.”
Prashant Tripathy, Managing Director & CEO of Axis Max Life Insurance, underscored the collaborative success. “Our partnership with YES BANK stands as a shining example of how two leading institutions can come together to create something far greater than the sum of their parts. Over the years, we have helped secure lakhs of lives, and as we move forward, our focus will be on innovation, customer-centricity, and strengthening our bancassurance model to create exceptional value for our customers.”
As Axis Max Life Insurance and YES BANK look toward the future, they are committed to advancing digital transformation and improving customer engagement via several key initiatives:
- Digital Innovation: Integrating InsurePro CRM across all life insurance partners, along with mSmart, will improve sales strategies and customer engagement.
- Expanding Business Horizons: Their strategic focus on need-based selling aims to unlock new growth avenues and deepen client relationships among YES BANK’s customer base.
- Customer-Centric Excellence: A dedication to providing the best financial protection will continue to drive business quality and ensure greater customer satisfaction.
- Empowering People: Both organizations are investing in leadership development programs for Branch Managers, recognizing talent as their greatest asset and building a strong foundation for long-term success.
Explainer:
InsurePro CRM (owned by YES BANK) is a marketplace for all life insurance, non-life, and health insurance partners.
mSmart (owned by Axis Max Life Insurance) is an industry-leading governance and tracking platform designed to enhance sales operations and improve customer engagement.
Axis Max Life Insurance Limited, formerly Max Life Insurance Company Ltd., is a joint venture between Max Financial Services Limited and Axis Bank Limited. They offer life insurance solutions through multiple distribution channels. According to audited financials for FY 2023-24, the company had a gross written premium of INR 29,529 Cr.
YES BANK is a full-service commercial bank headquartered in Mumbai, offering a wide range of financial products and services. The bank also operates its brokerage business through YES SECURITIES, a wholly-owned subsidiary. YES BANK has a pan-India presence. For more information, visit their respective websites.
