Kolkata: AU Small Finance Bank (AU SFB), India’s largest Small Finance Bank and Bharti AXA Life Insurance, one of India’s leading private life insurers and a wholly owned subsidiary of Bharti Life Ventures Private Limited (Bharti Group), today announced its strategic bancassurance partnership aimed at providing AU SFB’s customers with a comprehensive life insurance and financial security solutions.
Mr. Uttam Tibrewal, Executive Director and Deputy CEO, AU Small Finance Bank and Mr. Parag Raja, MD & CEO, Bharti AXA Life Insurance, signed the agreement and announced this strategic partnership, at an event in Mumbai today.
This alliance is a part of broader strategy of both entities, aligning with their shared vision of “Viksit Bharat” and “Insurance to all” by driving insurance penetration, develop customized insurance offerings, target key markets, and explore strategic partnerships with distributions, including bancassurance and digital distribution.
With immediate effect, AU SFB’s customers will gain access to Bharti AXA’s extensive suite of life insurance and financial security solutions, featuring life insurance, term insurance, ULIP plans, savings plans, child education plans, and retirement plans. This strategic partnership is expected to significantly enhance AU SFB’s offerings in Southern India, leveraging Bharti AXA Life’s diversified portfolio to create a holistic ecosystem for customers with a wide range of financial solutions, streamlined services and personalized support.
Following its recent application for a universal banking license with the Reserve Bank of India (RBI), AU SFB is strategically enhancing its bancassurance portfolio to provide cutting-edge, technology-driven insurance solutions to its extensive customer base of over 1 crore, spanning diverse segments. This customer-centric strategy empowers AU SFB to assess and address the distinct financial requirements of each customer.
Speaking on the partnership, Mr. 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, Mr. 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.”
About AU Small Finance Bank
AU Small Finance Bank Limited (AU SFB) is a scheduled commercial bank and has established itself as the largest SFB in India since starting its banking journey in April 2017. Established in 1996 by Mr. Sanjay Agarwal, a first-generation entrepreneur, AU SFB boasts a 29 years-legacy with deep understanding of the rural and semi-urban markets and customer segments. The Bank operates a sustainable business model that facilitates credit to the unserved and underserved retail and MSME customer segments while providing complete banking solutions to its deposit and branch banking customers. As a tech-led Bank, AU has a strong digital presence with innovative products and services like 24X7 video banking, credit cards, personal loans, UPI QRs, payments, merchant lending, WhatsApp Banking, Chatbots etc. and its digital bank application AU0101 remains among the higher rated banking apps in India.
The Bank operates from 2,408 banking touchpoints across 21 States & 4 Union Territories serving 1.09 Cr+ customers with an employee base of 47,900+ employees. As on 30th September’24, Bank has a Shareholders Funds of ₹16,041 Cr, Deposit base of ₹1,09,693 Cr, Total Loan Portfolio of ₹1,05,031 Cr and a Balance sheet size of ₹1.38 Lac Cr+. AU SFB enjoys the trust of marquee investors and is listed at both NSE and BSE. It has consistently maintained high external credit Rating and is presently rated ‘AA/Stable’ by CRISIL Ratings, ICRA Ltd., CARE Ratings and India Ratings, while the Bank’s FD is rated ‘AA+/Stable’ from CRISIL Ratings.
Website: www.aubank.in | X: @aubankindia | Facebook: AU Small Finance Bank | LinkedIn: AU Bank
About Bharti AXA Life Insurance Company Ltd.
Bharti AXA Life Insurance Company Limited is a wholly owned subsidiary of Bharti Life Ventures Private Limited (Bharti Group Company), a prominent business group in India with interests in telecom, agribusiness, and retail. Established in 2006, the company has a pan-India presence with over 200+ offices and offers a wide range of value-for-money and need-based insurance catering to individuals and groups. With ‘Customer First’ as one of its core values, the company is committed to providing a hassle-free experience to its customers at every level.
For more information, please visit the website www.bhartiaxa.com| X: @bhartiaxalife | Facebook: Bharti AXA Life Insurance | LinkedIn: Bharti AXA Life Insurance
