AU SFB partners with Max Life Insurance
Collaboration will allow AU SFB’s digitally inclined customers to access the full spectrum of life insurance plans offered by Max Life
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.
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, Uttam Tibrewal, Executive Director, AU Small Finance Bank, said: “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 per cent (premium to GDP) to the targeted 8-10 per cent by 2027”.