Bajaj Allianz Life Insurance and Satin Creditcare Network Limited, a non-banking finance company – micro financing institution (NBFC-MFI), forged a strategic partnership with insurance broker Coverfox, playing a critical role in facilitating the collaboration. The companies signed a joint partnership to increase financial inclusion in rural India.
Satin Creditcare customers will be able to secure their loans with Bajaj Allianz Life’s insurance plans across the country’s 1,386 branches, providing them with peace of mind and financial security in the event of an unfortunate incident. It will use Coverfox’s technology infrastructure to conduct insurance purchasing, selling, and servicing digitally.
Speaking about the partnership, Dheeraj Sehgal, Chief Distribution Officer, Institutional, Bajaj Allianz Life, stated, “The collaboration between Bajaj Allianz Life, Satin Creditcare, proficiently supported by Coverfox, is dedicated to providing financial security and enabling customers to pursue their goals with complete ease. Our aim is to assure and empower customers with the essential cover, ensuring that their families’ life goals remain on track in case of any unfortunate event.”
Expressing his pleasure about the collaboration, HP Singh, Chairman cum Managing Director of Satin Creditcare Network Ltd, said, “We are ecstatic to announce our partnership with Bajaj Allianz Life and Coverfox as this marks the beginning of a transformative journey centred around our customers’ interests at heart. In our ongoing mission to provide holistic financial solutions that empower and extend a shield of protection to our family of over 3 million, we are confident that this alliance will offer comprehensive security, enabling our clients to navigate life’s uncertainties with confidence and resilience. Together, we are poised to redefine industry standards and set new benchmarks in customer-centric innovation.”
Seconding this, Sanjib Jha, CEO of Coverfox Group of Companies, said, “Bajaj Allianz Life, Coverfox and Satin Creditcare’s partnership aims to empower customers in rural and remote areas of the country. It is important to provide them with financial risk coverage with ease of onboarding and interaction facilitated by technology. We are pleased to support the endeavors of these two companies with our tech and be a part of their mission to increase financial inclusion across the country. We believe that this partnership will not only strengthen our individual positions in the market but also foster innovation and growth within our micro-finance industry. We see tremendous potential in joining forces with Bajaj Allianz Life and Satin Creditcare. Together, we aim to deliver unparalleled value to our customers”.
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