HDFC Standard Life Insurance, the country’s second-largest private insurer by new business, has tied up with Indiabulls Housing Finance for a corporate agency agreement. As part of the tie up, Indiabulls Housing Finance will distribute HDFC Life retail insurance products to its customers.
Corporate agents are entities that solicit insurance policies for insurers. Agents are individuals doing the same job. Last year, the insurance regulator Irda hadpaved the way for an open architecture, allowing corporate agents like banks and non-banking finance companies to offer insurance policies of more than one company. “Having already partnered with HDFC Life to provide customers the facility to protect their home loan, we feel it is a natural extension to provide the ease and convenience to explore further options in insurance from HDFC Life for our customers,“ Gagan Banga, managing director at Indiabulls Housing Finance, said in a statement. With the new tie up, Indiabulls Housing will be able to distribute retail life, health and pension products of HDFC Life to its customers. This tie up is expected to boost HDFC Life’s reach by getting access to new customers.
“This partnership with Indiabulls provides an ideal solution where we are providing the consumers with finance as well as a suitable cover,“ said AmitabhChaudhry , managing director at HDFC Life.
Source : Economic Times
Date : 25-04-2016