AU Small Finance Bank and HDFC Life announce Bancassurance tie-up

AU Small Finance Bank, India's leading small finance bank, and HDFC Life, one of India’s leading life insurers, On 16th December 2022,entered into a corporate agency arrangement for soliciting insurance plans of HDFC Life through the bancassurance business model. 

This partnership would enable diverse customers of AU Small Finance Bank to access the entire range of life insurance products offered by HDFC Life, thus fulfilling their need for financial protection. The said arrangement will aim to further enrich the Bank’s life insurance offering by enabling its customers to access the digital platform and the touch points of HDFC Life for servicing.This partnership would enable to deepen the reach of life insurance products and deliver value to customers.

Speaking on the partnership, Vibha Padalkar - Managing Director & Chief Executive Officer, HDFC Life, said, “ Our distribution network has been growing with time, as we build newer, long-lasting partnerships. We believe AU Small Finance Bank, with its vast presence, will further strengthen our efforts and contribute significantly towards financially securing a large number of individuals. We warmly welcome them to join HDFC Life’s journey of over 22 years and look forward to creating new milestones as we walk ahead together.”

Highlighting the customer benefits, Sanjay Agarwal - Managing Director & Chief Executive Officer, AU Small Finance Bank, said, “Expanding our bouquet of financial services and customer value proposition, we wanted to associate with a life insurance partner who would add value to our existing range of products & services while helping our customers plan better. 

We are delighted to welcome HDFC Life as our valued insurance partner. With our distribution and HDFC Life’s product bouquet, we are looking to build this partnership with a tech first approach, led by mobility solutions to enable easier access and simplified user experience. Customers stand to gain a great deal from this partnership as they will get need-based solutions and seamless services through both AU SFB and HDFC Life’s expansive network and digital platforms.”