They enter into a strategic bancassurance partnership
FinTech BizNews Service
Mumbai, November 28, 2024: AU Small Finance Bank (AU SFB), India’s largest Small Finance Bank and Bharti AXA Life Insurance, one of India’s leading private life insurers and a wholly owned subsidiary of Bharti Life Ventures Private Limited (Bharti Group) , today announced its strategic bancassurance partnership aimed at providing AU SFB’s customers with a comprehensive life insurance and financial security solutions.
Mr. Uttam Tibrewal, Executive Director and Deputy CEO, AU Small Finance Bank and Mr. Parag Raja, MD & CEO, Bharti AXA Life Insurance, signed the agreement and announced this strategic partnership, at an event in Mumbai today.
This alliance is a part of broader strategy of both entities, aligning with their shared vision of “Viksit Bharat” and “Insurance to all” by driving insurance penetration, develop customized insurance offerings, target key markets, and explore strategic partnerships with distributions, including bancassurance and digital distribution.
With immediate effect, AU SFB's customers will gain access to Bharti AXA's extensive suite of life insurance and financial security solutions, featuring life insurance, term insurance, ULIP plans, savings plans, child education plans, and retirement plans. This strategic partnership is expected to significantly enhance AU SFB’s offerings in Southern India, leveraging Bharti AXA Life’s diversified portfolio to create a holistic ecosystem for customers with a wide range of financial solutions, streamlined services and personalized support.
Following its recent application for a universal banking license with the Reserve Bank of India (RBI), AU SFB is strategically enhancing its bancassurance portfolio to provide cutting-edge, technology-driven insurance solutions to its extensive customer base of over 1 crore, spanning diverse segments. This customer-centric strategy empowers AU SFB to assess and address the distinct financial requirements of each customer.
Speaking on the partnership, Mr. Uttam Tibrewal, Executive Director and Deputy CEO of AU Small Finance Bank, said, “At AU SFB, our customers remain at the core of everything we do. The bank remains committed to its mission of constantly evolving and adapting to meet the changing needs of the customers. AU SFB is excited to partner with Bharti AXA Life Insurance to offer a wide range of innovative life insurance products. This collaboration will empower our customer to achieve their aspirations, protect their loved ones, and secure their financial futures. This partnership also marks a significant step towards realizing our vision of becoming the preferred digital financial partner, while embodying our ‘Banking Bhi, Bima Bhi’ ethos. AU SFB’s customer-focused approach will allow individuals to choose the insurance solution that suits them best, ensuring they receive fair and transparent sales practices.”
Commenting on the association, Mr. Parag Raja, MD & CEO at Bharti AXA Life Insurance, said, "We are delighted to announce our strategic partnership with AU SFB which has a strong legacy of serving the unreached and unbanked masses of India. AU SFB’s extensive network, combined with our expertise in simplifying insurance, creates a powerful synergy that will allow us to offer tailored and innovative financial solutions. This alliance aligns with IRDAI’s vision of achieving ‘Insurance for all’ by 2047. By combining our capabilities, Bharti AXA Life and AU SFB look forward to creating a more comprehensive financial experience for customers, thereby contributing to increased insurance penetration and advancing towards regulator’s vision.”
