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Press Releases » Newsvoir


Max Life Insurance and YES BANK Celebrate 15 Years of their Strategic Bancassurance Relationship

Max Life Insurance and YES BANK Celebrate 15 Years of their Strategic Bancassurance Relationship


Max Life Insurance Co. Ltd.(Max Life/Company) and Yes Bank Limited (Yes Bank) India 4th largest private sector Bank are celebrating the completion of 15 years of their strategic bancassurance relationship partnership. On the achievement of the business milestone the companies have reaffirmed their commitment to this partnership and will continue to invest in building a truly customer-centric ecosystem.














Key Business Statistics* ndash; Max Life ndash; YES BANK 15 Years; Partnership









  1. Date of Commencement of the Partnership ndash; 23rd February 2005





  2. Total Branches of Yes Bank ndash; 1122





  3. Total customers ndash; 277867





  4. No. of Policies Soldndash; 288976





  5. Sum Assured ndash; Rs. 34519 crores





  6. New Business Premium ndash; Rs. 1898 crores





  7. 13 Month Persistency Ratio ndash; 82.2%





  8. Amount of Claims Paid ndash; Rs. 71 crores





  9. Group Term Life Cover ndash; Rs. 6830 crores Sum Assured covering 21475 YES BANK Employees






* (As on 31st December 2019)





The companies began their exclusive partnership journey in February 2005 - the year Yes Bank received its banking licence from the Reserve Bank of India (RBI) with a core commitment towards securing the financial future of their customers. Having started the journey by securing lives of the branch banking customers the relationship has over the years expanded across several new banking verticals including business and rural banking services which has offered customised solutions to more than 2.5 lakh customers across each and every touch point with the Bank.







One of the few relationships outside captive bank led insurers that has completed a decade and a half of association Max Life-Yes Bank relationship has over the years sold approximately 2.8 lakh policies. The partnership has settled death claims of more than Rs. 70 crore and offered protection worth ~Rs. 34500 crore to policyholders and their families. Strengthening the partnership in its 15th year Max Life has begun offering Group Credit Life products to Yes Bank retail asset customers; along with Group Term Life Insurance that covers more than 21400 employees of Yes Bank offering more than Rs. 6800 crores of sum assured as cover to financially protect the future of their families.







Commemorating the 15-year partnership Max Life and Yes Bank remain committed to offering their customers a broader range of need-based products and services deploying technology across the value chain to further enhance efficiencies and leveraging existing ecosystems to facilitate superior experiences for customers. To mark this alliance milestone which coincides with the 20-year celebrations at Max Life the partnership will dedicate the coming year as the Year of the Customer; with sharper focus on customer obsession.







Mr. Prashant Tripathy CEO and Managing Director Max Life said Completion of 15 years of our partnership with Yes Bank is a monumental business milestone one that continues to play a key role indelivering cutting-edge financial protection to our customers. The partnership has been critical in protecting the dreams and aspirations of lakhs of our customers and ensuring the fulfilment of their long-term financial needs and goals. Sustaining one of the longest-running successful partnerships in the industry we would like to thank Yes Bank and our customers for helping us build a strong partnership that rests on the principles of Trust Integrity and Customer Obsession. In the coming years we plan to further enhance our business and make investments in the area of technology new product development and customer service to ensure we accomplish together to help our customers realise their real value and financially protect their future.







Mr. Rajan Pental Senior Group President and Group Head ndash; Branch Retail Banking Yes Bank said Strategic partnerships and long standing relationships continue to be the mainstay at Yes Bank and we are pleased to celebrate this milestone with Max Life Insurance. We are confident that our synergies will not only amplify our reach but also enhance the overall customer experience. Together Yes Bank and Max Life Insurance have adopted an approach of understanding our customers; needs and in turn help them protect their future dreams. Our continual commitment will remain to provide holistic financial planning solutions to our clients.







About Max Life Insurance (www.maxlifeinsurance.com)




Max Life Insurance Co. Ltd. (Max Life) is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is a part of the Max group an Indian multi business corporation while Mitsui Sumitomo Insurance is a member of MSAD Insurance group.







Max Life offers comprehensive protection and long-term saving solutions through its multichannel distribution including agency and third distribution partners. Max Life has built its business over almost two decades through need-based sales process a customer-centric approach to engagement and service delivery and trained human capital.







As per public disclosures during the financial year 2018-19 Max Life achieved gross written premium of Rs. 14575 crore. As on 31st March 2019 the Company had Rs. 62798 crore of assets under management (AUM) and a share capital including reserves and surplus of Rs. 2767 crore.







For more information please visit the companys website at www.maxlifeinsurance.com.







About YES BANK (www.yesbank.in)




YES BANK India fourth largest private sector bank is a high quality customer centric and service driven Bank. Since inception in 2004 YES BANK has grown into a Full Service Commercial Bank; providing a complete range of products services and technology driven digital offerings catering to corporate MSME retail customers. YES BANK operates its Investment banking Merchant banking Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited both wholly owned subsidiaries of the Bank. Headquartered in Mumbai it has a pan-India presence across all 28 states and 9 Union Territories in India including an IBU at GIFT City and a Representative Office in Abu Dhabi.







For more information please visit the Bank website atwww.yesbank.in.


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