In a strategic move to cater to the ever-evolving needs of its tech-savvy customers, AU Small Finance Bank (AU SFB), one of India’s leading Small Finance Banks, has entered into a bancassurance alliance with Max Life Insurance Company Ltd. (“Max Life”/ “Company”).This collaboration will allow AU SFB’s digitally inclined customers to access the full spectrum of life insurance plans offered by Max Life. This partnership underscores the unwavering commitment of both entities to embrace a digital-first approach and to deliver exceptional financial services with a customer-centric focus.
With its legacy of 28 years of building trust, AU SFB has built nuanced understanding of customers in the rural and semi-urban markets and has built products and services tailored to the needs of these segments. Aided by its digital outlook and innovative products and services, AU SFB is rapidly expanding its customer base adding one million customers every year supported by a growing distribution footprint of 1,040 touch points spread across 21
states & 3 Union territories.
Speaking on the partnership, Mr. Uttam Tibrewal, Executive Director, AU Small Finance Bank, “Increasing insurance penetration has been a key focus of the Central Government and various changes introduced at policy level are quite progressive in nature. Recent guidelines by the IRDA, including expansion of the Bancassurance partners from 3 to 9, have been positive and would play a pivotal role in deepening the insurance penetration in India from ~4.2% (premium to GDP) to the targeted 8-10% by 2027. Our collaboration with Max Life Insurance perfectly aligns with this vision and will help further improve the financial well-being of AU SFB’s customers by having access to innovative and intuitive products via this partnership. We aim to provide a hassle-free and straightforward insurance purchasing experience through our mobile banking app – AU 0101, as well as our Net-banking, Video banking and other digital platforms. This alliance represents a significant step towards achieving our vision of becoming the preferred digital financial partner to our customers for all their financial needs as well as furthering our ethos of ‘Banking Bhi, Bima Bhi’.”
Mr. V. Viswanand, Deputy Managing Director, Max Life said, “Max Life is one of the leaders in the online insurance space with ambitions to expand its presence further. This ‘digital-first’ partnership is a significant step as it enables us to leverage D2C expertise to simplify the online insurance purchase journey for new-age customers. We are excited about the opportunities this partnership opens for us and look forward to working with
the Bank to create a financially protected future for their customer base.”
Through harnessing AU Small Finance Bank’s expanding digital capabilities and drawing upon Max Life Insurance’s expertise in digital insurance, this collaboration strives to enhance the accessibility and convenience of life insurance for customers. By jointly serving customers at every stage of their life journey, this partnership envisions the creation of a robust Direct-to-Customer (D2C) platform. This platform will play a pivotal role in expanding the digital life insurance business, driven by innovation, and fostering deep customer engagement.