Future Generali Life Insurance Company is on the lookout for a suitable banking partner for distributing their products. The bank channel is a crucial one for most life insurance companies as it does not involve any setup costs and they get easy access to a large customer base.
A lot of the current life insurance companies have been setup in partnerships with banks itself, like ICICI Prudential, SBI Life, HDFC Life to name a few. The bank then sells the products of these insurance companies and earns commissions. It’s a win-win scenario for both the partners.
Currently the insurance regulator IRDA has brought our guidelines which force banks to partner with multiple insurance companies rather than sell products of one company only. This is expected to open up the banks as a channel for those insurance companies who do not have a bank as a promoter. Currently it is not easy for life insurance companies to get any major bank as a partner as most are already tied-up with some life insurer or the other.
