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Insurance
02-Feb-24
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ESAF Small Finance Bank, Edelweiss Tokio Life Insurance join hands for bancassurance partnership
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ESAF Small Finance Bank on Friday announced a bancassurance partnership with Edelweiss Tokio Life Insurance to enhance financial solutions available to customers.
ESAF is a small finance bank headquartered in Thrissur while Edelweiss Tokio Life Insurance is a joint venture between Edelweiss Group of India, and Tokio Marine Holdings of Japan.
The partnership plays a crucial role in ESAF Small Finance Bank’s strategy to expand its range of offerings, demonstrating its commitment to providing financial security to a wider segment of the unbanked and under-banked population.
Edelweiss Tokio Life Insurance MD & CEO Sumit Rai said, the new collaboration will improve their customer understanding in the region to bring innovative and relevant insurance solutions. The aim of this partnership is to widen the accessibility of innovative life insurance products, capitalising on ESAF Small Finance Bank’s strong presence across rural markets in India. The alliance plays a pivotal role in Edelweiss Tokio Life’s comprehensive multi-channel distribution strategy, setting the stage for establishing new standards in customer-focused insurance services.”
“We have a strong presence in South India, and our partnership with ESAF Small Finance Bank will enable us to cement our leadership in this region. We will collaborate with the bank to bring innovative and relevant insurance solutions,” Sumit Rai said.
K. Paul Thomas, MD and CEO, ESAF Small Finance Bank said, “This partnership aligns with our goal of providing our customers with a broad range of financial solutions. We look forward to making a meaningful impact in the lives of our customers. By extending the reach of life insurance to underserved communities, we are taking a significant step towards inclusive financial security.”
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