AU Small Finance Bank and Bharti AXA Life Insurance forge strategic partnership

AU Small Finance Bank, India’s largest Small Finance Bank, has announced a strategic partnership with Bharti AXA Life Insurance to offer a diverse range of life insurance products and financial security solutions. This collaboration aims to enhance accessibility and provide comprehensive services to AU Small Finance Bank’s extensive customer base, estimated at over 1 crore individuals.

The partnership is designed to provide AU Small Finance Bank customers with access to a variety of life insurance options from Bharti AXA Life Insurance, including term insurance, ULIPs, savings plans, retirement plans, and child education plans. Bharti AXA Life Insurance, a subsidiary of Bharti Life Ventures Private Limited, brings its expertise and wide-reaching network to the table, further strengthening AU Small Finance Bank’s market presence.

Executives from both organisations signed the agreement during an event in Mumbai on 28 November 2024, marking the beginning of this alliance. AU Small Finance Bank’s Deputy CEO, Uttam Tibrewal, noted that this partnership aligns with the bank’s commitment to customer-centric innovation. He highlighted that the collaboration supports the vision of being a preferred financial partner, embodying their philosophy of “Banking Bhi, Bima Bhi” by integrating insurance into everyday banking.

Bharti AXA Life Insurance’s CEO, Parag Raja, expressed excitement about the collaboration, underscoring its potential to expand insurance penetration in line with the Insurance Regulatory and Development Authority of India’s goal of “Insurance for All” by 2047. He remarked that leveraging AU Small Finance Bank’s deep customer insights and Bharti AXA’s solutions creates a significant synergy to address untapped market opportunities.

The timing of this partnership is strategic for AU Small Finance Bank, which recently applied for a universal banking licence with the Reserve Bank of India. This collaboration enhances the bank’s bancassurance offerings, targeting key regions, especially in southern India, and provides digitally integrated insurance solutions.

AU Small Finance Bank, established in 1996, has a legacy of serving rural and semi-urban customers, offering innovative digital solutions alongside traditional banking. Meanwhile, Bharti AXA Life Insurance, established in 2006, has built a reputation for customer-first insurance services, boasting a presence across 200+ offices in India.

With this partnership, AU Small Finance Bank seeks to reinforce its position as a tech-savvy, customer-centric institution while Bharti AXA Life Insurance extends its reach to a broader audience, advancing its mission of simplifying insurance access.