Home Press Release AU Small Finance Bank and Bajaj Allianz Life Insurance enter into strategic partnership

AU Small Finance Bank and Bajaj Allianz Life Insurance enter into strategic partnership

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AU Small Finance Bank and Bajaj Allianz Life Insurance enter into strategic partnership
  • AU Small Finance Bank’s 41.3 Lac+ customers can now choose from Bajaj Allianz Life’s products including term, savings, retirement, and investment products.

Pune, 8th September, 2023: AU Small Finance Bank (AU SFB), India’s largest Small Finance Bank and Bajaj Allianz Life Insurance, one of India’s leading private life insurers, announced their strategic partnership, today in Mumbai. This collaboration will empower a diverse range of AU Small Finance Bank’s customers to gain access to Bajaj Allianz Life’s comprehensive suite of life insurance products, thereby addressing their imperative need for financial security. 

Mr. Uttam Tibrewal, Executive Director of AU Small Finance Bank and Mr. Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance signed the agreement and announced their strategic partnership, at an event. Through this partnership, the bank aims to leverage technology-based solutions for its customers through wide variety of life insurance products offered by Bajaj Allianz Life Insurance.

With a legacy spanning 28 years, AU SFB possesses an intricate understanding of customers in rural and semi-urban markets. It has curated bespoke products and services tailored precisely to the requisites of these segments. Backed by its digitally driven approach and inventive offerings, AU SFB is making swift strides in expanding its customer base, consistently adding one million customers annually. This growth is supported by an expanding distribution network comprising 1,038 touchpoints spanning 21 states and 3 union territories.

Speaking on the partnership, Mr. Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance, said, 

“This partnership will make our value-packed and innovative life insurance products available to a significantly larger customer base across the 1038 touchpoints of the bank. Backed by top-tier, new-age services and a digital first approach, we are well placed to enable our customers in achieving their financial aspirations. I am confident that our collective promise of ‘Customer First’ will lead to a long-term and successful partnership as we enable many more life goals, together.”

Mr. Uttam Tibrewal, Executive Director, AU Small Finance Bank said, “At AU Small Finance Bank, our customers have always been our top priority. We believe in providing them with an extensive range of choices and customized products that cater to their specific needs. As we expand our financial offerings in the bancassurance segment, our goal was to partner with a life insurance partner that can complement our products and aid customers in financial planning. Bajaj Allianz Life is a trusted name in life insurance and by merging our robust distribution network with Bajaj Allianz Life’s diverse product portfolio, we endeavor to provide a wider range of choices to our customers. This collaboration reaffirms our promise to prioritize our customers’ unique requirements and financial goals. We are excited about the possibilities this partnership brings and look forward to collectively shaping a more secure and prosperous future for our customers. For us, it will be “Banking Bhi, Bima Bhi.”

Through this partnership, new and existing customers of the Bank can now choose from Bajaj Allianz Life’s retail products including term, savings, retirement, and investment products. This will help them achieve their life goals in a planned manner. Furthermore, the life insurer will also work closely with the Bank to offer seamless service options to the customers. This includes response on queries using Whatsapp, ChatBot on AU digital platforms, along with well-trained Bank staff managing the life insurance business.

About AU Small Finance Bank

AU Small Finance Bank Limited (AU SFB) is a scheduled commercial bank and a Fortune India 500 Company. Starting its journey from the hinterlands of Rajasthan, today AU SFB is the largest Small Finance Bank with a deep understanding of the rural and semi-urban markets that has enabled it build robust business model facilitating inclusive growth. 

With 28 years legacy of being a retail focused and customer-centric institution, AU started its banking operations in April 2017 and as on 30th June 2023, it has established operations across 1,038 banking touchpoints while serving 41.3 Lac+ customers in 21 States & 3 Union Territories with an employee base of 28,446 employees. 

The Bank has a net worth of ₹ 11,379 Crore, deposit base of ₹ 69,315 Crore, Gross Advance of ₹ 63,635 Crore and a Balance sheet size of ₹ 91,583 Crore. AU Bank enjoys the trust of marquee investors and is listed at both the leading stock exchanges viz. NSE and BSE. It has consistently maintained high external credit Rating from all major rating agencies like CRISIL, CARE Ratings and India Ratings. 
Website: www.aubank.in | Twitter: @aubankindia | Facebook: AU Small Finance Bank | LinkedIn: AU Bank 

About Bajaj Allianz Life Insurance

Bajaj Allianz Life Insurance is one of India’s leading and fastest growing private life insurers. The company is a partnership between two powerful and successful entities in their own right – Bajaj Finserv Limited, one of India’s most diversified non-banking financial institution and Allianz SE, one of the world’s leading asset manager and insurer. The Company commenced its journey in 2001, and today delivers its promise of Life. Goals. DONE through innovative value-packed insurance products that are backed by a robust tech and digital eco-system. Bajaj Allianz Life Insurance continues its journey of transformation through its products and tech-enabled state-of-the-art services to enhance customer delight.

Bajaj Allianz Life now serves over 2.82 crore (as on 30th June 2023), individual customers and many more through its Group plans. The Company has a large distribution network of 503 branches (as on 30th June 2023), and over 1,31,743 agents (as on 30th June 2023), a comprehensive set of trusted partners, and its proprietary sales channels (online and offline). Bajaj Allianz Life Insurance manages Assets Under Management to the tune of over Rs. 95, 317 crores (as on 30th June 2023) with the Individual Claim Settlement Ratio of 99.04% and a Solvency Ratio of 516% (as on 31st March 2023). 

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