Aditya Birla Health Insurance inks Bancassurance Partnership with City Union Bank
More than 4.4 million City Union Bank Customers spread across 727+ branches to have access to Aditya Birla Health Insurance offerings
Chennai, July 25, 2022: Aditya Birla Health Insurance Co. Limited. (ABHICL), the health insurance subsidiary of Aditya Birla Capital Limited (ABCL), a significant non-bank financial services conglomerate today announced its Bancassurance partnership with City Union Bank, the century young private sector bank in India, for the distribu tion of health insurance products through the Bank’s network of branches in India.
Through the alliance with City Union Bank, Aditya Birla Health Insurance’s comprehensive suite of Health insura nce plans will be available for purchase to more than 4.4 million+ customers of the Bank across 727+ branches in 153 districts. The Bank’s customers will have access to ABHICL’s industry-first innovative solutions such as, Day 1 cover for asthma, high blood pressure, high cholesterol, diabetes; wellness coaching on nutrition and fitness; counselling on mental health; incentivized wellness benefits of up to 100% Health ReturnsTM and chronic ma nagement program, etc.
Commenting on the partnership, Mayank Bathwal, CEO – Aditya Birla Health Insurance, said, “We are delighted to partner with City Union Bank, the oldest private sector bank in India which has a significant presence in South India. The Bancassurance partnership will expand our reach and enable us to leverage City Union Bank’s robust network in Tamil Nadu and other southern states. The partnership will help Aditya Birla Health Insurance to furt her unchain the insurance market in tier II and tier III cities and increase insurance penetration in the country. It will also enable the Bank’s customers to choose from our comprehensive product portfolio and also benefit from our ‘Health First’ offerings.”
Speaking on the occasion, City Union Bank MD and CEO Dr. N Kamakodi, said, “We are delighted to partner with Aditya Birla Health Insurance Co Ltd and we are of firm belief that partnership will certainly bring best of Hea lth Insurance products to our customers. This Partnership has come at a right time when awareness about the importance of Health Insurance is on the rise in the post pandemic world and we will certainly be able to fulfill the Health Insurance needs of our customers.”
Aditya Birla Health Insurance Company Ltd. has 183 branches located in India and has a diversified presence in than 4790 cities spread across the length and breadth of the country. With a vast network of more than 10,0 00 hospitals, Aditya Birla Health Insurance can provide health insurance facility to the deeper and underpenetrate d parts of the country. The Bank’s customers will benefit from a varied range of new-age products offered by Adi tya Birla Health to ensure a healthy life for self and their loved ones. With this new partnership, ABHI now has 13 Bancassurance partners with over 63,000+ direct selling agents all over India.
About Aditya Birla Health Insurance Co. Limited, an Aditya Birla Capital Limited company: Aditya Birla Health Insurance Co. Limited (ABHICL), a subsidiary of Aditya Birla Capital Ltd. (ABCL), is a joint venture between Adit ya Birla Group and MMI Holdings of South Africa. ABHICL was incorporated in 2015 wherein Aditya Birla Capi tal Limited (ABCL) and Momentum Metropolitan Strategic Investments (Pty) Limited (Formerly known as MMI Strategic Investments (Pty) Ltd.) hold 51% and 49% shares respectively. ABHICL commenced its operations in October 2016 and is engaged in the business of health insurance. Company’s current product portfolio includes unique offerings including chronic care and incentivized wellness. As on FY22, ABHICL recorded a gross written premium (GWP) of Rs.1727 Crore and covered more than 19 Mn lives. ABHICL has nation-wide distribution pre sence in over 4790 cities through branches and partner offices, 13 Bancassurance partners and over 63,000 dir ect selling agents. ABHICL has scaled and diversified digitally enabled distribution through 89%+ digital channel growth with 183 branch locations, Bancassurance available through 16,000+ branches, and 43+ digital partners covering 5 Mn.+ lives through 52+ contextual byte-sized and contextual products.
About Aditya Birla Capital
Aditya Birla Capital Limited (ABCL) is the holding company for the financial services businesses of the Aditya Bir la Group. ABCL’s subsidiaries have a strong presence across Protecting, Investing and Financing solutions, ABCL is a universal financial solutions group catering to diverse needs of its customers across their life stages. Power ed by more than 30,500 employees, the subsidiaries of ABCL have a nationwide reach with 1,048 branches and more than 2, 00,000 agents / channel partners and several bank partners.
As of March 31st, 2022, Aditya Birla Capital Limited manages aggregate assets under management over Rs. 3,7 06 billion, has a consolidated lending book of approx. Rs. 672 billion, and an active customer base of over 35 mill ion, through its subsidiaries and joint ventures. Aditya Birla Capital Limited is a part of the Aditya Birla Group, in the league of Fortune 500. Anchored by an extraordinary force of over 140,000 employees, belonging to 100 nationalities, the Aditya Birla Group operates in 36 countries across the globe.
About Momentum Metropolitan Holdings Limited (Momentum Metropolitan)
Momentum Metropolitan Holdings Limited (Momentum Metropolitan) is a South African based financial ser vi ces group listed on the Johannesburg and Namibian Stock Exchange. Momentum Metropolitan was formed from the merger of Metropolitan and Momentum, sizeable insurance-based financial services companies in South Afr ica. MMH conducts its business through operating brands Metropolitan, Momentum, Guardrisk, Momentum Mu ltiply and Eris Properties. The group operates in 17 countries across the globe: 13 in the African continent, Hong Kong, Indonesia, United Kingdom, and India through a direct presence, strategic partnerships and joint ventures. https://www.momentummetropolitan.co.za/en
About City Union Bank Limited –
City Union Bank Limited is a century young private sector Scheduled Commercial Bank providing the best of services in the Banking industry since 1904. The Bank is headquartered at Kumbakonam, the temple town in Thanjavur District of Tamil nadu. The Bank crossed total business of Rs. 88,846 Crores as on 31.03.2022, with Deposits of Rs.47, 690 Crores and Advances of
Rs.41, 156 Crores. Net worth of the Bank as on 31.03.2022 was Rs. 6550 Crores with Capital Adequacy Ratio (Basel III) of 20.85%. CUB has a network of 727 branches with 1732 ATMs spread across the country.
Keeping in tune with the latest development in banking industry, CUB has adapted to technological developments suitably and introduced the latest banking technologies as follows:
- Any Branch Banking/Net Banking/ Mobile Banking/ATM/Bulk Note Acceptor/Green Channel Counters/KIOSKs
- Online Collection services vide Payment Gateway/ECS/Cub Net Banking/ATM/Mobile Banking /Bharat QR/UPI
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- Launch of CUB Easy Pay – ‘Pay On-the-Go’ Contactless Solution – Payments using Key chain and CUB Fit watch.
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