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Reliance Life in talks with banks for product distribution

No details have been provided about the banks with which Reliance Life is in discussions for a possible deal

August 24, 2012 1:51 IST | India Infoline News Service
Private insurer Reliance Life has started discussions with some banks for sale of minority stake of up to 5%. The company is planning to enter into product distribution alliance, according to media reports.

The bank would work as a bancassurance partner and help expand the product distribution network of Reliance Life—an arm Reliance Capital. The equity stake offered to such a partner would be capped at 5%, the reports added.

However no details have been provided about the banks with which Reliance Life is in discussions for a possible deal. According to Reliance Life, it would not offer any upfront payment for the bancassurance agreement.

Reliance Life has recently launched Reliance Life Plus Club—a post-sales customer service initiative. Japan’s Nippon Life along with its partner Reliance Life has introduced the concept of post-sales services to the Indian insurance industry. As a strategic partner, Nippon Life holds 26% stake in Reliance Life. Reliance Life has over Rs1.86 trillion in assets under management.

To reduce attrition and enhance customer service, Reliance Life is introducing fixed salary for insurance advisors. It is introducing fixed income system for insurance agents under its new format called career agent. The purpose is to provide a minimum fixed salary to agents to inculcate a sense of job security and professional commitment. 


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