AU Small Finance Bank inks pact with Bharti AXA Life

29 Nov 2024 , 01:18 PM

On Thursday, November 28, AU Small Finance Bank Ltd established a Bancassurance partnership with the insurance provider Bharti AXA Life Insurance.

The largest small finance bank in India has forged a strategic relationship with Bharti AXA Life Insurance in Mumbai to deliver complete life insurance and financial protection solutions to AU Small Finance Bank clients, according to a filing with the stock markets.

Bharti AXA Life Insurance is one of the country’s biggest private life insurers and a completely owned subsidiary of Bharti Life Ventures Private Ltd (Bharti Group).

The aforementioned collaboration is part of both organizations’ bigger strategy, and it aligns with their visions of ‘Viksit Bharat’ and ‘Insurance to All’. The relationship will aid in achieving the objectives by increasing insurance penetration, developing customized insurance offers, targeting important markets, and exploring strategic partnerships with distribution channels such as bancassurance and digital distribution, according to the lender.

The strategic agreement is intended to strengthen the small financing bank’s offerings in Southern India by using Bharti AXA Life’s diverse array of financial products, simplified services, and personalized support.

AU Small Finance Bank recently sought for a universal banking license from the Reserve Bank of India (RBI) and is strategically expanding its bancassurance portfolio to give exceptional solutions to its massive client base of over one crore.

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