AU Small Finance Bank (AU SFB), has partnered with Bharti AXA Life Insurance to offer its customers a suite of life insurance and financial security solutions, furthering the shared vision of ‘Viksit Bharat’ and ‘Insurance for All.’
The partnership agreement was formalised in Mumbai by Uttam Tibrewal, Executive Director and Deputy CEO, AU SFB, and Parag Raja, MD and CEO, Bharti AXA Life Insurance. It focuses on driving insurance penetration through customised products and leveraging digital and bancassurance distribution channels.
Effective immediately, AU SFB customers can access a diverse range of Bharti AXA Life’s products, including life insurance, term plans, ULIPs, savings schemes, child education plans and retirement plans. This partnership is expected to significantly enhance AU SFB’s service offerings, particularly in southern India, by creating a seamless and holistic financial ecosystem enriched with personalised solutions.
Uttam Tibrewal, Executive Director and Deputy CEO, AU Small Finance Bank, said, “At AU SFB, our customers remain at the heart of everything we do. This partnership with Bharti AXA Life Insurance reflects our commitment to providing innovative life insurance products that empower our customers to protect their loved ones and secure their financial futures. It’s a significant step toward realising our vision of becoming the preferred digital financial partner, ensuring fair and transparent sales practices.”
The move aligns with AU SFB’s broader growth strategy, as the bank recently applied for a universal banking license with the Reserve Bank of India (RBI). By integrating technology-driven insurance solutions, AU SFB aims to cater to its diverse customer base of over 1 crore while reinforcing its ethos of “Banking Bhi, Bima Bhi.”
Parag Raja, MD and CEO, Bharti AXA Life Insurance, shared his enthusiasm, stating, “AU SFB has a remarkable legacy of reaching the unreached and unbanked masses in India. By combining their network with our expertise in simplifying insurance, this partnership will deliver tailored and innovative solutions. This collaboration also supports IRDAI’s mission of achieving ‘Insurance for All’ by 2047, enhancing financial inclusion and creating a more comprehensive financial experience for customers.”
