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AU Small Finance Bank (AU SFB) has signed a bancassurance partnership with Bharti AXA Life Insurance to offer life insurance and financial security solutions to its customers.
The alliance will provide AU SFB customers with immediate access to Bharti AXA's child education plans, life insurance, retirement plans solutions, savings plans, term insurance and ULIP plans.
The collaboration is projected to bolster AU SFB's offerings in southern India by tapping the insurer’s diversified portfolio to build a holistic ecosystem for customers.
The latest move is in line with both entities' shared goal of 'Viksit Bharat' and 'Insurance to all', aimed at developing personalised offerings, targeting key markets and exploring distribution tie-ups including bancassurance and digital distribution.
After its recent application for a universal banking licence with the Reserve Bank of India, AU SFB is strengthening its bancassurance portfolio to provide technology-driven insurance solutions to its customer base of more than ten million.
AU SFB executive director and deputy CEO Uttam Tibrewal said: “This collaboration will empower our customers to achieve their aspirations, protect their loved ones and secure their financial futures. This partnership also marks a significant step towards realising our vision of becoming the preferred digital financial partner, while embodying our ‘Banking Bhi, Bima Bhi’ ethos.”
Bharti AXA Life Insurance MD and CEO Parag Raja said "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.”
In September 2024, AU SFB collaborated with United India Insurance Company to offer its customers an array of general insurance solutions such as crop, cyber incident insurance, motor, personal accident, property and shopkeeper.
"AU SFB, Bharti AXA Life Insurance form bancassurance alliance " was originally created and published by Life Insurance International, a GlobalData owned brand.
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