Edelweiss Life’s CDO: Pursuing partners with geographical expertise to improve customer accessibility
Life insurer has inked partnerships with Capital Small Finance Bank and ESAF Bank in the recent past
Bengaluru ,Oct 24 2024: With a focus on strengthening its distribution capabilities, Edelweiss Life Insurance is aggressively pursuing strategic partnerships to expand its footprint nationwide and enhance customer accessibility, said Chief Distribution Officer Anup Seth. The company has a higher focus on entities that can offer expertise in specific geographies or niche customer segments.
“We are looking at deepening our presence by partnering with entities that specialize in niche segments or hold geographic expertise. In our experience, such partners bring insights that allow us to craft more personalized, need-based offerings for our customers, giving us a distinct competitive advantage,” Seth said.
In the recent past, the life insurer has inked 2 bancassurance partnerships with ESAF Small Finance Bank and Capital Small Finance Bank, both of which boast a geographic stronghold in Kerala and Punjab respectively. In FY24, the company’s Bancassurance channel accounted for 21% of the business.
“We have a healthy and balanced distribution mix currently. While there is a focus on expanding our partnerships, we are equally focused on improving productivity across our existing ones. A blend of innovative product offerings and service excellence – from onboarding to post-sales service – has been critical to set us on an upward trajectory. We are committed to providing service excellence to all our partners to enable seamless customer experience,” Seth added.
In FY24, the company reported its highest-ever claim settlement ratio of 99.23%, a 13th month persistency ratio of 78%, and a Net Promoter Score of 56.
