Strategy
Axis Bank Partners With Max Life To Expand Indian Business
Indian private bank
Axis Bank has signed a 10-year strategic relationship with
Max New York Life Insurance to provide customised life
insurance solutions through its network.
The tie up with Axis Bank is expected to strengthen Max New York
Life's strategy and garner an additional customer base of 20 lakh
customers (2,000,000 rupees or $45,000) over the next five years.
The insurer's products are offered in 650 cities and through Axis
Bank's over 1,000 branches beginning 3 May, 2010.
"We believe given India's geographical diversity and low life
insurance penetration level multi-channel distribution is the
most effective way to connect with new customers," said
Analjit Singh, the chairman of Max New York Life Insurance,
in a statement.
Axis Bank has a market capitalisation of Rs51,261 crores as of 30
April 2010. Max New York Life, a joint venture between Max India
Ltd and New York Life International.
