AU Small Finance Bank Ltd on Thursday, November 28, announced a Bancassurance tie-up with the insurance company Bharti AXA Life Insurance.
The largest small finance bank in India has entered into a strategic partnership with Bharti AXA Life Insurance in Mumbai to provide the customers of AU Small Finance Bank with comprehensive solutions of life insurance and financial security, the lender informed the stock exchanges in a filing.
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Bharti AXA Life Insurance is among the country’s s leading private life insurers and a wholly-owned subsidiary of Bharti Life Ventures Private Ltd (Bharti Group).
The said alliance falls under the purview of broader strategy of both the companies, aligning with their vision of ‘Viksit Bharat’ and ‘Insurance to all’. The partnership will help to achieve the objectives by driving insurance penetration, developing customised insurance offerings, targeting key markets and exploring strategic partnerships with distributions, including bancassurance and digital distribution, the lender said.
The Bancassurance agreement has been signed on November 28, 2024, and starting immediately, the customers of AU Small Finance Bank will have access to Bharti AXA’s extensive suite of life insurance and financial security solutions like life insurance, term insurance, ULIP plans, savings plans, child education plans and retirement plans.
Through the strategic partnership, the small finance bank’s offerings in Southern India are expected to enhance, leveraging Bharti AXA Life’s diversified portfolio of financial solutions, streamlined services and personalised support.
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AU Small Finance Bank recently applied for a universal banking license with the Reserve Bank of India (RBI), and is strategically enhancing its bancassurance portfolio to provide exemplary solutions to its huge customer base of more than 1 crore.
“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 customers to achieve their aspirations, protect their loved ones, and secure their financial futures. It also marks a significant step towards realizing our vision of becoming the preferred digital financial partner, while embodying our ‘Banking Bhi, Bima Bhi’ ethos,” the Executive Director and Deputy CEO of AU Small Finance Bank, Uttam Tibrewal said on Thursday, November 28.
Shares AU Small Finance Bank closed flat at ₹585.9 apiece, down 0.76%, on the BSE.
