AU Small Finance Bank (AU SFB), India’s largest small finance bank, has formed a strategic partnership with SBI Life Insurance to expand access to comprehensive insurance solutions across the country. This collaboration aims to support the government’s mission of “Insurance for All by 2047” by providing financial protection to underserved and emerging markets in India. Through this partnership, AU SFB will distribute SBI Life’s range of life insurance products, including protection, savings, and investments, across its extensive network of over 2,505 banking touchpoints in 21 states and four union territories.
The partnership seeks to leverage AU SFB’s robust network and SBI Life’s comprehensive insurance portfolio to provide customers with a unified banking and insurance experience. This integration will enable customers to meet their diverse protection and long-term financial planning needs, while also strengthening outreach efforts in urban, semi-urban, and rural markets. The collaboration will also utilize AU SFB’s digital platforms and customer engagement channels to deliver a simplified, transparent, and accessible insurance journey.
According to Uttam Tibrewal, executive director and deputy CEO of AU Small Finance Bank, the partnership with SBI Life Insurance reinforces their commitment to delivering reliable and need-based insurance solutions to diverse communities across India. The partnership aims to drive financial inclusion and secure a better future for millions of people. Abhijit Gulanikar, president of business strategy at SBI Life Insurance, stated that the partnership with AU SFB is a strategic step towards increasing insurance adoption across India, particularly in rural areas.
The partnership between AU SFB and SBI Life Insurance is expected to have a significant impact on the insurance landscape in India. By combining their strengths, the two institutions aim to provide protection to millions of households, bringing them closer to the goal of “Insurance for All by 2047”. The partnership will also contribute to the government’s mission of promoting financial inclusion and securing the financial well-being of citizens across the country. Overall, the collaboration between AU SFB and SBI Life Insurance is a positive step towards expanding access to insurance solutions and promoting financial security for all.