AU Small Finance Bank (AU SFB), India’s largest Small Finance Bank and Bajaj Allianz Life Insurance, one of India’s leading private life insurers, announced their strategic partnership, today in Mumbai. This collaboration will empower a diverse range of AU Small Finance Bank’s customers to gain access to Bajaj Allianz Life’s comprehensive suite of life insurance products, thereby addressing their imperative need for financial security.
Uttam Tibrewal, Executive Director of AU Small Finance Bank and Mr. Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance signed the agreement and announced their strategic partnership, at an event. Through this partnership, the bank aims to leverage technology-based solutions for its customers through wide variety of life insurance products offered by Bajaj Allianz Life Insurance.
With a legacy spanning 28 years, AU SFB possesses an intricate understanding of customers in rural and semi-urban markets. It has curated bespoke products and services tailored precisely to the requisites of these segments. Backed by its digitally driven approach and inventive offerings, AU SFB is making swift strides in expanding its customer base, consistently adding one million customers annually. This growth is supported by an expanding distribution network comprising 1,038 touchpoints spanning 21 states and 3 union territories.
Speaking on the partnership, Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance, said, “This partnership will make our value-packed and innovative life insurance products available to a significantly larger customer base across the 1038 touchpoints of the bank. Backed by top-tier, new-age services and a digital first approach, we are well placed to enable our customers in achieving their financial aspirations. I am confident that our collective promise of ‘Customer First’ will lead to a long-term and successful partnership as we enable many more life goals, together.”
Uttam Tibrewal, Executive Director, AU Small Finance Bank said, “At AU Small Finance Bank, our customers have always been our top priority. We believe in providing them with an extensive range of choices and customized products that cater to their specific needs. As we expand our financial offerings in the bancassurance segment, our goal was to partner with a life insurance partner that can complement our products and aid customers in financial planning. Bajaj Allianz Life is a trusted name in life insurance and by merging our robust distribution network with Bajaj Allianz Life’s diverse product portfolio, we endeavor to provide a wider range of choices to our customers. This collaboration reaffirms our promise to prioritize our customers’ unique requirements and financial goals. We are excited about the possibilities this partnership brings and look forward to collectively shaping a more secure and prosperous future for our customers. For us, it will be “Banking Bhi, Bima Bhi.”
Through this partnership, new and existing customers of the Bank can now choose from Bajaj Allianz Life’s retail products including term, savings, retirement, and investment products. This will help them achieve their life goals in a planned manner. Furthermore, the life insurer will also work closely with the Bank to offer seamless service options to the customers. This includes response on queries using Whatsapp, ChatBot on AU digital platforms, along with well-trained Bank staff managing the life insurance business.