Ageas Federal Life Insurance to look at inorganic play for bank partnership

Ageas stake increase will end uncertainty around company, increase domain knowledge, expertise

Ageas Federal Life Insurance is hoping to increase its distribution footprint this fiscal with partnerships and tie-ups with banks after IDBI Bank discontinued selling its products.

“For the next three to five years, the aim is to shore up our topline and distribution footprint. That would be through a combination of proprietary channels like agency, group, online and also inorganic play,” said Vighnesh Shahane, Managing Director and CEO, Ageas Federal Life Insurance.

IDBI Bank contributed to about 50 percent of the topline through its distribution, Shahane said, adding that over the last three years, it had stopped selling the insurer’s products.

The private sector life insurance is hopeful that with the open architecture policy of the IRDAI, it will be able to find a banking partner.

“The inorganic opportunity would be in terms of a partnership or joint venture with a bank for distribution,” Shahane told.