PNB MetLife India Insurance has recently formed a strategic partnership with Shivalik Small Finance Bank, aiming to expand its insurance reach in semi-urban and rural areas of India. This alliance will provide access to PNB MetLife’s diverse range of life insurance products, including savings, protection, and retirement plans, to over one million existing and potential customers of Shivalik Bank.
The partnership is expected to strengthen PNB MetLife’s efforts to serve underserved markets in the country, leveraging Shivalik Small Finance Bank’s extensive network of 79 branches and 136 Business Correspondent outlets across 11 states. This collaboration will enable PNB MetLife to tap into the vast potential of semi-urban and rural regions, where access to insurance products is often limited.
The joint statement from the companies highlighted the significance of this partnership, which will enable Shivalik Bank’s customers to access a wide range of life insurance products tailored to their needs. PNB MetLife’s products are designed to provide financial security and protection to individuals and families, and this partnership will help to increase insurance penetration in underserved areas.
The partnership is also expected to benefit Shivalik Small Finance Bank, as it will enable the bank to offer a more comprehensive range of financial services to its customers. By partnering with a leading insurance provider like PNB MetLife, the bank can enhance its customer offerings and increase customer loyalty.
Overall, the partnership between PNB MetLife India Insurance and Shivalik Small Finance Bank is a strategic move to increase insurance reach and penetration in semi-urban and rural areas of India. The collaboration is expected to benefit both parties, as well as the customers of Shivalik Bank, who will now have access to a diverse range of life insurance products. With this partnership, PNB MetLife is poised to further strengthen its position in the Indian insurance market, while also contributing to the growth and development of the country’s financial inclusion initiatives.