Arka Fincap gets IRDAI’s Corporate Agency License to offer Insurance Solutions

Arka-Fincap

Arka Fincap Limited, an NBFC and subsidiary of Kirloskar Oil Engines Limited (KOEL), has been given a Certificate of Registration to function as a Corporate Agent (composite) by India’s Insurance Regulatory and Development Authority (IRDAI). This registration allows Arka to expand into insurance distribution, adding to its existing financial solutions portfolio to meet consumers’ diverse needs.

With this announcement, Arka Fincap will diversify its product portfolio, allowing it to enter a new area and capitalise on growing prospects. With ‘Customer centric, every time’ as one of its core beliefs, the organisation will enable its clients to achieve business objectives while shielding them from uncertainty.

Read more: Regulatory and Compliance Landscape: Navigating the way

Vimal Bhandari, Executive Vice Chairman & CEO, Arka Fincap Limited, said, “We are excited about this significant milestone in our journey that embodies our commitment to innovation, growth, and staying ahead of the curve in a rapidly evolving financial landscape. With insurance being added to our product portfolio, it will help us to diversify our offerings, driving sustainable growth for our customers and creating long-term value for all our stakeholders.”

Navin Saini, Business Head – Retail SME & MSME, Arka Fincap Limited, said, “In today’s dynamic business environment, staying competitive requires agility and adaptability and Arka’s entry into insurance distribution demonstrates willingness to embrace change, explore new avenues, and stay ahead of the competition. With insurance distribution, we can offer a comprehensive cover which can protect our customers from uncertainties, enabling them to secure their future and Get Ahead with confidence.”

Arka Fincap Limited is a customer-centric, digitally enabled, analytics-driven non-banking financial company that offers secured and unsecured finance solutions to MSMEs, SMEs, developers, and corporations. As of March 31, 2024, Arka Fincap’s AUM is INR 5200 crore, with 31 branches across India. The Retail & SME sector has an impressive AUM of around ₹2600 crores, accounting for 50% of total AUM. Crisil has rated Arka AA (-) with a positive outlook for long-term borrowings and A1 (+) for short-term borrowings.

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