Kochi, Feb 2 (PTI) ESAF Small Finance Bank on Friday announced a bancassurance partnership with Edelweiss Tokio Life Insurance in a move to extend financial security to a broader section of the unbanked and underbanked population.
The aim of the partnership is to widen the accessibility of innovative life insurance products, capitalising on the bank’s presence across rural markets in India, ESAF said.
Bancassurance is an arrangement between a bank and an insurance company allowing the latter to sell its products to the bank’s client base.
“This collaboration brings together two organisations dedicated to prioritising customer needs and fostering a culture of growth and innovation,” ESAF said in a release.
It said this partnership was an integral part of the bank’s strategy to diversify its offerings and its dedication to extending financial security to a broader section of the unbanked and underbanked population.
Commenting on the collaboration, K Paul Thomas, the MD and CEO of ESAF said the partnership aligns with the bank’s goal of providing customers with a broad range of financial solutions.
“Together, we look forward to making a meaningful impact in the lives of our customers. By extending the reach of life insurance to underserved communities, we are taking a significant step towards inclusive financial security,” Thomas was quoted in the release.
Sumit Rai, the MD & CEO of Edelweiss Tokio Life Insurance said they have been focused on deepening their distribution width to create easy customer accessibility across the country.
“We have a strong presence in South India, and our partnership with ESAF Small Finance Bank will enable us to cement our leadership in this region. We will collaborate with the Bank to improve our customer understanding in the region to bring innovative and relevant insurance solutions,” Rai said. PTI RRT RRT SS
