India’s Kotak Mahindra Life Insurance coverage Firm (Kotak Life) has entered a company company partnership with Mahindra & Mahindra Monetary Companies (Mahindra Finance).
The tie-up goals to offer life insurance coverage options to the shoppers of Mahindra Finance, an NBFC.
It is going to leverage Mahindra Finance’s attain within the rural and semi-urban sectors, the place it claims to serve greater than ten million clients and manages belongings in extra of $11bn (Rs919.2bn).
Mahindra Finance operates via a community of greater than 1,400 branches throughout the nation.
The partnership was formally sealed by the signing of an settlement between Kotak Life MD Mahesh Balasubramanian and Mahindra Finance MD and CEO Raul Rebello.
Kotak Life, an entirely owned subsidiary of Kotak Mahindra Financial institution, has a community of 292 branches and claims to have insured greater than 50 million lives as of 31 March 2024.
Entry probably the most complete Firm Profiles
available on the market, powered by GlobalData. Save hours of analysis. Achieve aggressive edge.
Firm Profile – free
pattern
Thanks!
Your obtain e-mail will arrive shortly
We’re assured in regards to the
distinctive
high quality of our Firm Profiles. Nevertheless, we would like you to take advantage of
helpful
determination for what you are promoting, so we provide a free pattern which you can obtain by
submitting the beneath kind
By GlobalData
Balasubramanian stated: “Via our collaboration with Mahindra Finance, our intention is to increase our outreach to the untapped segments of the inhabitants. By leveraging on Mahindra Finance’s buyer attain and our experience in life insurance coverage, we will now provide life insurance coverage options and supply monetary safety to clients of Mahindra Finance.”
Rebello added: “We’re delighted to enter into this strategic collaboration with Kotak Life to supply life insurance coverage options to our clients. It’s a vital step in our dedication to facilitate agile and environment friendly insurance coverage options powered with personalised buyer expertise.
“Our intention is to assist facilitate sustainable development whereas delivering on our dedication in the direction of being a accountable monetary answer accomplice to rising India.”
The announcement follows Kotak Mahindra Financial institution’s approval from the Reserve Financial institution of India to divest a 70% stake in its normal insurance coverage arm to Zurich Insurance coverage Firm.
In November 2023, Zurich Insurance coverage Firm, a unit of insurance coverage main Zurich, disclosed its intention to amass a 51% stake in Kotak Mahindra Common through a mixture of capital injection and share buy.
The preliminary deal, valued at Rs55.6bn, additionally features a provision for Zurich to buy an extra 19% stake inside three years of the preliminary acquisition.
