New Delhi and The Hague, the Netherlands - Insurers outside the U.S. are actively creating partnerships in a business affecting the banking and insurance industries.
Life insurance and pension company AEGON N.V., The Hague, the Netherlands and Spanish savings bank Caja de Ahorros de Santander y Cantabria (CAJA CANTABRIA) reached an agreement to establish a jointly owned bancassurance partnership. The new partnership will enable CAJA CANTABRIA's network of branches, located primarily in the northern Spanish province of Cantabria (Santander) to sell AEGON life insurance and pension products.
The agreement, according to AEGON, will further strengthen its bancassurance capabilities in Spain's growing life insurance and pension markets, and will enable CAJA CANTABRIA to extend the range of products it is able to offer its customers. The agreement will complement AEGON's existing partnerships in Spain with Caja de Ahorros del Mediterráneo, Caja de Ahorros y Monte de Piedad de Navarra and Caja de Badajoz. With this latest agreement, AEGON now has access to almost 1,800 bank branches across Spain.
As part of the partnership, the Spanish savings bank will provide exclusive access to its network of 170 branches, covering some 500,000 clients. AEGON Spain will carry out all back-office functions for the new partnership.
Another insurer making bancassurance moves is Aviva Life Insurance Company India Pvt. Ltd. Aviva Life Insurance and Apex Bank, Madhya Pradesh, India, announced their tie-up as bancassurance partners. Aviva will have access to a potential customer base of 5.7 million in Madhya Pradesh with this tie-up. Aviva has now extended its leadership position in the Bancassurance channel with more than 30 tie-ups, the largest number of Bank partnerships by any private insurer in India. Aviva has increased its presence to close to 500 locations in the country.
“Madhya Pradesh is amongst the largest states in the country and has huge potential in the insurance sector,” says Bert Paterson, managing director, Aviva Life Insurance. “With this strategic tie-up, Aviva has found a partner with an extensive distribution reach thus strengthening our position in Madhya Pradesh. We are India's leading bancassurer with a leading number of partnerships and a first class reputation for implementation."
Sources: AEGON and Aviva
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