Wednesday, April 7, 2010
AEGON Religare Life Insurance (ARLI) today announced its first bancassurance tie-up with Asia’s largest cooperative bank, the Nashik District Central Cooperative Bank (NDCC).
ARLI launched its operations in July, 2008 with four distribution channels – Agency Distribution, Direct Channel, Religare and Corporate Agents and Brokers. This tie-up adds a fifth distribution channel, Bancassurance, to the business.
The 55-year-old bank, NDCC, started operations in January, 1955. This profitable bank now has over 200 branches and 25 divisional offices and has a share capital of over Rs 90 crore. NDCC distributes loans among small scale industries, farmers and milk plants, and has distributed more than Rs 500 crore in loans in the current fiscal year.
On the tie-up, Mr Rajiv Jamkhedkar, Managing Director and Chief Executive Officer, AEGON Religare Life Insurance said, “Maharashtra is an important market for us and we generate significant business from the state. To increase our reach and penetration in Maharashtra, we had been scouting for a partner. In the Nashik District Central Cooperative Bank, which is a trusted name in this region with over 200 branches and solid financials, our search has ended with a partner who has a reach in the furthest corners of the state. There was a clear consensus that NDCC was the right partner for us. The bank shared our vision on helping people plan their lives better, thus resulting in a tie-up.”
Mr Yashwant Shirsath, Managing Director, Nashik District Central Cooperative Bank said, “In the event of sudden demises or death of the primary earning family member, the entire family comes into vicious financial crisis. Thus, everyone should have sufficient life cover with, as is proven by the K.I.L.B. advertisement of AEGON Religare Life Insurance. The insurance industry plays a vital role in reducing such risk. Hence, taking this into consideration, Nashik District Central Cooperative Bank has come up with a solution along with AEGON Religare Life Insurance for its esteemed customers.”
“Nasik District Central Co-operative bank is successfully providing banking services to urban and rural people in Nasik district. Today Insurance cover has become an important need in human life. Understanding the importance of the same the bank has tied up with AEGON Religare Life Insurance. It was the preferred company because of its vision, clear communication and innovative products. We are happy to engage in this partnership with AEGON Religare and look forward to a fruitful long-term association.” added Nashik District Central Cooperative Bank’s Chairman, Mr Parwej Mohommad Yusuf Kokni.
AEGON Religare Life Insurance is the coming together of AEGON, an international life insurance, pension and investment company and Religare, one of India’s leading integrated financial services groups.
AEGON’s businesses serve over 40 million customers in over 20 markets throughout the Americas, Europe and Asia, with major operations in the United States, the Netherlands and the United Kingdom. With headquarters in The Hague, the Netherlands, AEGON companies employ almost 30,000 people worldwide. The company’s common shares are listed on four stock exchanges: Amsterdam, London, New York and Tokyo. It manages EUR 342 billion in revenue generating investments. AEGON has more than 160 years of experience with its roots going back to 1844. It holds 26% equity in our company. http://www.aegon.com
A diversified financial services group with a pan-India and international presence, Religare Enterprises Limited (REL) offers a range of products and services, including asset management, life insurance, wealth management, equity and commodity broking, investment banking, lending services, private equity and venture capital. REL operates from 7 domestic regional offices, 43 sub-regional offices, and has a presence in 498 cities controlling 1,837 business locations all over India as on June 2009. REL acquired UK-based Hichens, Harrison & Co. in 2008 which was subsequently re-named as Religare Hichens Harrison PLC (RHH). With the addition of RHH the REL group now operates out of multiple global locations (the UK, the USA, Brazil, South Africa, Dubai and Singapore). http://www.religare.in
Nashik District Central Cooperative Bank (NDCC) was founded in January, 1955 by Late Shri Bhausaheb Hirey. This Asia’s largest cooperative bank has a reach of 213 branches and 25 divisional offices across Nashik district. It has a share capital of over Rs 90 crore with investments of more than Rs 1,000 crore. NDCC provides loan among small scale industries, farmers and milk plants and has distributed over Rs 500 crore in loans in this fiscal year.