Partnership SBI (Mauritius) and Island Life Insurance: Banking and Insurance Under One Roof

Far from killing an economic transaction, competition, even if its effects are sometimes difficult to manage, can provide an excellent platform for innovation and diversification. The financial service sector has to experience it with the emergence of a new type of product through the development establishment of a partnership program and diversification of the State Bank of India ( SMI) and Island Life Assurance (ILA), an operation called the tie-up.

With this operation, the SBI will add a new product in its traditional service. Namely, the opportunity for customers to subscribe without traveling to the various insurance policies offered by Island Life Assurance (ILA). In the same breath, the company will consolidate its presence in the local banking market.

"Some 70% of our profit from our activities in the operations associated with the global economy. The integration of an insurance service in our branches we will strengthen our presence in Mauritius, where we already have a dozen branches in Mauritius and Rodrigues, "says S. Jugdish Hiremath, Managing Director and Chief Executive Officer (CEO) of SBI (Mauritius) Ltd. It was Wednesday, May 16, 2012 at a ceremony to exchange documents with Vinarayakumar Balakrishnan, General Manager of Island Life Insurance.

Initially, the insurance department of ILA only available at Port Louis, Rose Hill, Quatre-Bornes and Flacq. Later it will be extended to other branches of the company.

The Island Life Assurance (ILA), it seems, found it rich to cushion the effects of the intense competition that characterizes the local market of insurance services. The last such operation was conducted with the Mauritius Post.It concerns the payment, at the offices of Mauritius Post, the bill of various products of the insurance company.

One of the biggest benefits of the tie-up operation, it is possible to eliminate from the outset, infrastructure costs or rent, or even that of the not-to-door and at the same time, to benefit the reputation already established by her partner.

The ILA intends to benefit. "Those responsible for insurance services in the branches of SBI (Mauritius) Ltd are professionals specifically trained in the field service advice in relation to different types of products in the sector of insurance services. Under one roof, customers will have a banking and insurance, "says Balakrishnan Vinarayakumar.

SBI (Mauritius) Ltd from the merger of the Indian Ocean International Bank Ltd. and SBI International (Mauritius) Ltd, both subsidiary of the State Bank of India, one of the largest commercial banks of the Great Peninsula. The SBI has fifteen branches in Mauritius and Rodrigues.

The ILA is changing in the sector of the insurance service during the last 27 years. It is part of the conglomerate Currimjee Jeewanjee.