Bengaluru , September 13th, 2024: AU Small Finance Bank (AU SFB), India’s largest Small Finance Bank and Kotak Mahindra Life Insurance Company Ltd (“Kotak Life”), one of India’s private life insurers, announced their strategic partnership to provide AU SFB’s customers with a comprehensive suite of life insurance and financial security solutions. This collaboration is based on a revised business proposition, in continuation to Kotak Life’s relationship with erstwhile Fincare Small Finance Bank (now merged with AU SFB).

Effective immediately, AU SFB’s new and existing customers, including those from former Fincare SFB branches, can now access Kotak Life’s comprehensive range of life insurance products including term, retirement, savings and select investment plans.

This partnership is expected to significantly enhance AU SFB’s offerings in southern India by leveraging Kotak Life’s diversified portfolio. Additionally, Kotak Life will collaborate closely with AU SFB to ensure seamless service options, facilitating a smooth transition and maintaining business continuity for customers.

As AU SFB pursues its universal banking license with the Reserve Bank of India (RBI), it is now poised to serve its vast customer base of over one crore with a diverse array of products from leading life insurance companies. This strategic approach enables AU SFB to assess and address the unique needs and financial requirements of each customer, delivering personalised solutions that cater to their individual circumstances.

Speaking on the partnership, Mr. Uttam Tibrewal, Executive Director and Deputy CEO, AU Small Finance Bank said, “At AU Small Finance Bank, our customers are at the heart of everything we do, and we are committed to offering them a wide array of choices and personalised solutions. As we expand our offering in the bancassurance segment, partnering with Kotak Life, a trusted leader in life insurance, strengthens our product suite and enhances the financial planning options available to our customers. By combining our expansive distribution network with Kotak Life’s diverse portfolio, we will provide a broader selection of tailored life insurance solutions. We are excited about the possibilities this partnership brings and look forward to collectively shaping a more secure and prosperous future for our customers.”

Mr. Mahesh Balasubramanian, Managing Director, Kotak Mahindra Life Insurance Company Limited, said, “At Kotak Life, we firmly believe that life insurance is a necessity for every Indian. We are committed to the vision of ‘Insurance for All by 2047,’ as outlined by the IRDAI. Through our collaboration with AU SFB, we aim to reach out to the untapped segments of the population. By leveraging AU SFB’s customer reach and our expertise in life insurance, we help ensure a secure future and protect the financial dreams of AU SFB customers.”