Zurich Enters Indian General Insurance Market with Kotak Mahindra Bank
-Zurich to enter the Indian insurance market through the acquisition of a 51% stake in India’s Kotak Mahindra General Insurance.
-Zurich’s global scale and expertise combined with Kotak Mahindra Group’s deep India knowledge and leading financial services platform to accelerate development of the business and build a premier Indian insurer
Zurich Insurance Group “Zurich” today announced a strategic alliance with Kotak Mahindra Bank Limited “Kotak Mahindra Bank”, India’s third largest private sector bank by market capitalization, through the proposed acquisition of a 51% stake in Kotak Mahindra General Insurance Company Limited “Kotak General Insurance” for USD 488 million, through a combination of fresh growth capital and share purchase subject to regulatory approvals and customary closing adjustments. Further, Zurich will acquire an additional stake of up to 19% over time. It is anticipated that this transaction will represent the largest foreign insurer investment in the Indian insurance sector since the regulatory changes allowing majority foreign ownership came into effect in 2021.
“India is one of the world’s most important markets with immense potential and we are pleased to be making a significant commitment with an excellent partner,” said Tulsi Naidu, Zurich’s Chief Executive Officer of Asia Pacific. “With Kotak Mahindra Group’s high-quality franchise and expertise in Indian financial services, and Zurich’s deep distribution experience and class-leading capabilities in retail and commercial insurance, we are confident this partnership can bring strong innovation, know-how, and excellent customer experiences to the Indian general insurance market.”
India is expected to become the third largest global economy by 2030 and presents significant untapped potential for the development of insurance solutions. The country’s rapid economic growth, coupled with low levels of insurance penetration, increasing awareness, strong digital infrastructure and expanded foreign ownership rules make it one of the most attractive and fastest growing insurance markets globally.
Dipak Gupta, MD & CEO, Kotak Mahindra Bank Limited said, “The alliance brings together two trusted and respected brands. The combined expertise and resources of respective firms will enable us to provide innovative solutions to meet the evolving needs of our customers. Kotak Mahindra Group’s pan India distribution presence and Zurich’s distinct global capabilities in digital assets, B2B and B2C formats has potential to create a transformational impact for the Kotak General Insurance franchise delivering innovation efficiently and rapidly in the Indian General Insurance space.”
Established in 2015 as a fully owned subsidiary of Kotak Mahindra Bank Limited, Kotak General Insurance is one of India’s youngest and fastest growing general insurance franchises. Reaching a broad spectrum of customer segments and geographies, Kotak General Insurance’s pan-India platform encompasses direct-to-customer digital channels, key financial institution partnerships, multiline agencies, and access to Kotak Mahindra Group’s customers. Strongly aligned with Zurich’s strategy, Kotak General Insurance is focused on building a differentiated value proposition to customers by delivering innovative products and best-in-class experiences through a digitally enabled journey.
Media Release :
Kotak’s Cardless EMI on Amazon to Offer Instant Consumer Finance in 3 Steps With just Mobile No and PAN, millions of pre-approved customers can shop Consumer Durables on EMI, instantly EMI brings affordability; Kotak’s Cardless EMI makes payment experience seamless.
Mumbai, 10th November 2023:
Kotak Mahindra Bank “KMBL”/ “Kotak” today announced the launch of Cardless EMI (Equated Monthly Instalments) Payments on Amazon Pay, to provide its pre-approved customers easy access to instant consumer finance, with just their Mobile Number and PAN (Permanent Account Number). The strategic association with Amazon Pay focuses on providing easy credit access and a seamless payment experience to customers, further enhancing their shopping experience this festive season. Shoppers on Amazon.in can now convert their high-value purchase of Electronics, Furniture, Lifestyle, and Apparel into convenient monthly EMIs, without using debit card, credit card, or even UPI.
EMI Makes it Possible:
- New to credit customers showing greater preference for consumer finance as it is a short-term loan which fulfils aspirations as well as helps build credit history
- Consumer finance is one of the most popular product among retail loan offerings Mr Amit Pathak, Business Head-Consumer Finance, Kotak Mahindra Bank said, “We are seeing Emi-sation of big ticket transactions, with strong interest from new to credit customers. EMI transactions have risen in popularity as they make consumer finance affordable than ever before. Customers prefer to pay in EMI as long as the process or experience is hassle-free. We are making EMI transactions convenient than ever before for our customers with the Cardless EMI payment option on Amazon during the festive season.
Mayank Jain, Director-Credit and Lending for Amazon Pay India, said, “The introduction of Cardless EMI in partnership with Kotak Bank aims to provide better credit access for customers. This initiative will further enhance the affordability and convenience of online shopping for customers across India, especially during the festive period. At Amazon Pay, we remain committed to innovate and offer convenient, inclusive, affordable and rewarding digital payment for our customers.
How to pay using Cardless EMI, Step :
1.On checkout page, in the payment options, under EMI, choose Kotak Cardless EMI and select a tenure Step 2 .Add your PAN details Step 3. Authorize the transaction by entering the OTP About Kotak Mahindra Bank Limited Established in 1985, Kotak Mahindra Group is one of India’s leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group’s flagship company, received banking license from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank-Kotak Mahindra Bank Limited The Bank has four Strategic Business Units-Consumer Banking, Corporate Banking, Commercial Banking, and Treasury, which cater to retail and corporate customers across urban and rural India.
The premise of Kotak Mahindra Group’s business model is concentrated India diversified financial services. The bold vision that underscores the Group’s growth is an inclusive one with a host of products and services designed to address the needs of the unbanked and insufficiently banked. As on 30 September 2023, Kotak Mahindra Bank Ltd has a national footprint of 1,850 branches and 3,170 ATMs, and branches in GIFT City and DIFC-Dubai. For more information, please visit the company’s website at https://www.kotak.com/ About Amazon Pay Amazon Pay is a trusted, convenient, and rewarding way to pay for anything, anywhere on and off Amazon.in.
Amazon continues to extend the convenience of Amazon Pay by making it possible for millions of cash consumers to start making digital transactions and support the Government’s vision of encouraging electronic payment, leading to a less-cash society in India. Amazon Pay smoothens the customer experience of online payments at the time of placing orders with the benefit of ‘one-click’ payments leading to a faster and smoother check out process. With its cash-load category, Amazon Pay also solves the pain point of tendering exact amount of cash at the time of delivery.
Note :
Key Features: Instant Approval and Credit: Enjoy instant approval and immediate access to credit, simplifying your online shopping experience. End-to-End Digital and Secure: Experience a seamless, paperless, secure and hassle-free process with Kotak Bank’s digital approach. Credit Limits up to Rs.5,00,000: Bigger credit limit to fund large-ticket purchases. Flexible Repayment Options: Tailor your payments with flexible monthly instalment choices of 3, 6, 9, or 12 months. Exclusive for Kotak’s Pre-Approved Customers: Kotak Cardless EMI is for the bank’s pre-approved customers, enhancing their shopping experience.
For more information on Amazon India, visit : https://www.amazon.in/amazonpay/home
For further information, please contact :
Revathi Pandit Kotak Mahindra Bank +91 98202 37909 [email protected] Rohit Panchal Kotak Mahindra Bank +91 9664225963 [email protected]
Laboni Santra Suvidha Awle
Weber Shandwick +91 8369975255 [email protected] Weber Shandwick +91 9769777935 [email protected]
Press release, Zurich, 2 November 2023