AU Small Finance Bank (AU SFB), India’s largest small finance bank, has entered a strategic bancassurance partnership with Bharti AXA Life Insurance, a leading private life insurer and a subsidiary of Bharti Life Ventures Private Limited. The collaboration aims to provide AU SFB’s customers with a comprehensive suite of life insurance and financial security solutions.
The agreement was signed in Mumbai by Uttam Tibrewal, Executive Director and Deputy CEO of AU SFB, and Parag Raja, MD & CEO of Bharti AXA Life Insurance. The partnership is aligned with the shared vision of “Viksit Bharat” and “Insurance for All,” focusing on driving insurance penetration, creating customized offerings, and leveraging digital and bancassurance distribution channels.
With immediate effect, AU SFB customers will have access to Bharti AXA Life’s extensive range of products, including life insurance, term insurance, ULIPs, savings plans, child education plans, and retirement plans. This partnership is expected to bolster AU SFB’s offerings, particularly in southern India, by delivering a holistic financial ecosystem enriched with streamlined services and personalized support.
AU SFB’s strategic move follows its recent application for a universal banking license with the Reserve Bank of India (RBI). The bank aims to enhance its bancassurance portfolio with technology-driven insurance solutions, catering to its diverse customer base of over 1 crore.
Speaking on the partnership, 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, 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.”
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The partnership underscores both entities’ commitment to driving innovation and accessibility in the financial and insurance sectors, contributing significantly to the broader goal of financial inclusion in India.
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