ESAF Small Finance Bank has declared a bancassurance collaboration with Edelweiss Tokio Life Insurance. The partnership plays a role in ESAF Small Finance Bank’s strategy to broaden its range of offerings, demonstrating its commitment to provide financial security to a more extensive segment of the unbanked and under-banked population, according to a joint statement by the companies.
K Paul Thomas, MD and CEO, ESAF Small Finance Bank, said in the statement, “This partnership aligns with our goal of providing our customers with a broad range of financial solutions. We look forward to make 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.”
The statement said that the partnership aims to widen the accessibility of innovative life insurance products, capitalising on ESAF Small Finance Bank’s presence across rural markets in India. The alliance plays a pivotal role in Edelweiss Tokio Life’s comprehensive multi-channel distribution strategy, setting the stage for establishing new standards in customer-focussed insurance services.
Sumit Rai, MD and CEO, Edelweiss Tokio Life Insurance, also said in the statement, “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 bring innovative and relevant insurance solutions.”
