HDFC Life bets on bank/NBFC tie-ups to reach customers

HDFC Life Insurance believes that insurers need to cater to the complete lifecycle of a customer and is of the view that the recent change in its top management will not lead to a significant change in its strategy. “We cover the entire life stages of any individual and we have products to offer at every stage. At every life stage, there’s an opportunity for a product — be it deposit, investment or life insurance. We have to make sure that we reach out to our customers at each of these stages,” said Suresh Badami, Executive Director at HDFC Life. “We have a clear strategy in terms of how we reach out to every segment of people in the country. We have tied up with small finance banks such as Ujjivan, Utkarsh and Capital SFB. They have a very strong presence in their respective market, which helps us reach out to customers. For instance, in the East, we have Bandhan Bank as a large partner, in the South, we have Ujjivan…,” Badami said.