‘We are full of gas over new banking partners’

Although Axis Bank contributes about 40 percent of the total turnover under Bancroveringkanaal, Axis Max Life Insurance has no over -dependence from one of its distribution channels, says the senior director of the insurer and main distribution officer Sumit Madan. He says that for the list of his shares on Bourses, the company awaits the approval of the bill of the insurance change, which will simplify its ownership structure by allowing non-insurance companies to merge with insurance entities.

Edited except:

We have always maintained that we look at the way the markets grow, given the way the competition is and the needs of the customers.

For the annual premium equivalent, internal, the benchmark and the guidelines that we have always given, we will grow 3-5 per higher than the percentage with which industry grows. That is the guidance we will go with.

If you look at the adjusted first -year Premium (AFYP) numbers, also what the industry is watching, we have grown with 23 percent for Q1. And if you look at the same number for the private life insurance sector, the industry has actually grown by only 8 percent.

For us, both partnership (Bancroveringurance) and the owner (Agency, Direct Sales Team and E-commerce) growing at a very good pace are growing. Owner channel grew by 26 percent yo -yo in Q1 in terms of adapted first -year premium (AFYP). In it the side of the desk grew almost 13-14 percent for us.

There is a detailed strategy in the ownership channel to grow across all channels. In front of the desk we put a specific focus on Tier -3 and -4 cities. In some of the most important basin markets of Delhi, Mumbai, Gurugram and Kolkata, who do it exceptionally, we want to continue to invest and invest more in some of these markets. What we have also done is a bit of a deep dive with the help of both data and digital.

Our partnership channels yielded a strong growth of 20 percent yoj in the first quarter. Although Axis Bank is doing exceptionally good for us, the story is also about some of the new bank partners that we have done for Banc Cassurance.

If you look at the figures of the new banking partnerships that we have done in the last 18-24 months, they are now actually full of gas. In many of the new banks we are now the number one player as far as our opposite is concerned.

So I think we are in a bit of a very good space, because we have a good momentum on both partnership and ownership channels. Our partnership channel formed approximately 49 percent of the monkey in the first quarter, while the owner of an owner of around 48 percent would be. So it’s a good mix between the two.

We are in the situation where there is no over -dependence on one of our channels, which is a great starting point and that is something that we have built up for a certain period.

With the refreshing of the brand, the brand reminder in the industry or between markets is of course much larger, more than the contribution of the growth of the axis, I think the cake is largely growing.

For example, because today we are going to Tier-3, Tier-4 markets with the brand innovation, we are a much more popular name than what we used to be. Axis Bank has an excellent branch network, a number of great quality of people and a number of very productive customer base. Purely because of what usually happens, is that you get a certain predictability around the sale. So I think from that perspective that it is a great partnership. Axis Bank is our largest Bancroversuration distributor and contributes around 40 percent of our total turnover under this channel. We consistently maintain a counter share at Axis Bank within 65-70 percent.

We are waiting for the approval of the bill of the insurance change, which will simplify our ownership structure by allowing non-care companies to merge with insurance entities.

We are optimistic about the approval of the account when it is submitted to Parliament.

Published on August 8, 2025