UTI Bank—MetLife Partnership sets Industry Record

The MetLife—UTI Bank Bancassurance partnership launched last month has sold more than 1000 policies in less than a month, garnering an annualized premium of around Rs. 7 Crores. Ever since private insurance companies started operations in 2002 no other Bancassurance partnership has achieved such a high degree of customer acceptance in such a short period.

The partnership was rolled off the ground in a short period of 39 days in which more than 275 financial planning consultants were hired, trained and placed in UTI Bank branches across the country.

“The Implementation of any successful Bancassurance partnership requires detailed planning to seamlessly integrate the processes of the two large organizations. This relationship will change the way Bancassurance is done in the country and has the ability to transform the lives of five million customers of UTI Bank” remarked Rajesh Relan, Managing Director, Metlife India Insurance Co Pvt. Ltd.

The partnership between MetLife and UTI Bank involves reaching out to UTI Bank’s five million strong customer base with four life insurance products from MetLife - Met Smart Plus, Met Bhavishya, Met Suvidha and Met Advantage Plus. The products would be available through the UTI bank branch network across the length & breadth of the country.

Bancassurance as a concept is not just a distribution alliance but signifies a long-term relationship to provide a wider range of financial products to a common customer base by utilizing synergies inherent in the partners. For customers, Bancassurance provides the convenience of dealing with one financial institution for all financial needs. In an environment where most adult family members are working, customers are happier to interact with a one-stop shop.

Further, owing to the customer’s affinity towards the Bank, provision of insurance through the bank offers a more credible solution. Customers also benefit from service convergence between the Bank and insurer through a common service point.

The Bancassurance partnership of MetLife with UTI Bank is a referral arrangement and this marks the first referral arrangement that the Insurer has gotten into. The other 3 Bancassurance partnerships MetLife has in India are Corporate Agency arrangements.

Over the last four years the Life Insurance Industry has seen many a successful Bancassurance relationships being built and nurtured by Mr. Relan who has been the chief architect of the success of Bancassurance in India. The partnership with UTI Bank is likely to take MetLife in India to the next league.

Over the last 12 years UTI Bank has built a nationwide network of branches and has strong relationships with its customers. UTI Bank endeavors to offer “Solutions for a Lifetime” as articulated in its tagline and the relationship with MetLife for offering Life Insurance will complete the bouquet of financial solutions.

With over 138 years of experience, the MetLife companies serve millions of customers in the Americas, Asia Pacific and Europe with one goal in mind – to build financial freedom for everyone. The MetLife companies are a leader in group benefits that serve 88 of the top one hundred Fortune 500® companies, and provide benefits to 37 million employees and family members through its plans sponsors in the U.S. The MetLife companies are the number one life insurer in the U.S with approximately US$ 3.3 trillion of life insurance in force and rank # 35 on the FORTUNE 500® listing.

In India, MetLife was incorporated in 2001, and serves its customers by offering a range of innovative products to individuals and group customers through its 44 offices across 32 locations and more than 1500 outreach points. For more information about MetLife, please visit the company’s website at www.metlife.co.in