Bharti, AXA alliance may foray into MF, non-life area

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Mumbai, Dec 13: The partnership between telecom major Bharti and largest global insurance company AXA after launching its life insurance operations are now planning to venture into other segments of financial sector services.

“AXA has a plan to enter Indian asset management , property and casuality and pension sector and we are discussing all these business plans with Bharti Enterprises,” said Henri De Castries on Wednesday. Taking a similar stand, Sunil Bharti Mittal, chairman and group managing director, Bharti Enterprises, said the company is looking to diversify beyond telecom and is ready for other partnerships with AXA.

“The financial sector is one of our significant areas of priority and we will utilise the group synergy for this,” he said at the launch of nationwide operations of BhartiAxa Life Insurance.

According to Mittal the life insurance company which has adopted multi-product, multi-geography and multi-distribution strategy wants to be one of the three life insurers in the country. The company has already a capital of Rs 188 crore and would invest around Rs 550 crore in next three years.

Castries said, “The company has plans to invest significant amount of money in the country will increase its exposure in Indian BPO and financial protection business. Partnership with Bharti will create a significant value for the group in Asia. We will use our global experience and technical expertise combined with Bharti’s distribution capabilities and local market knowledge to create a scale.”

Nitin Chopra, CEO, Bharti AXA said, “Apart from the traditional agency force, salaried advisors will work with Airtel customers based on an agreed contract protocol that leverages the base without compromising privacy.’’

The company has already signed up a few corporate agents and brokers who will provide quick reach into the Indian market. The company is also working to secure bancassurance partnerships. As a part of the rural strategy the life insurer is working with Field Fresh and Bharti Airtel which today covers 1,59, 357 town and villages.