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We have a corporate agency arrangement for distributing insurances with top insurance companies.
corporate agency arrangement with insurance providers
CORPORATE OVERVIEW
Business Division Review: Third-Party Products
Securing customers from eventualities
We provide our customers various types of insurance products.
during the fiscal, we expanded the insurance business through our Branch network. insurance business from the credit Life segment is growing steadily in line with the business volumes, whereas business from Retail insurance distribution covering micro insurance, poS Product, Health & Personal Accident Insurance has grown significantly.
55 Lakhs
Lives insured
2% increase y-o-y
`307.7 crores Gross premium collected
33% increase y-o-y
`20.3 crores Revenue
46% increase y-o-y
LiFe inSURance
Bajaj Allianz Life Insurance Co Ltd. HDFC Life Insurance Co. Ltd.
Aditya Birla Sun Life Insurance Co. Ltd.
GeneRaL inSURance
Bajaj Allianz General Insurance Co. Ltd.
ICICI Lombard General Insurance Co. Ltd.
heaLth inSURance
HDFC Ergo Health Insurance Co. Ltd.
Road ahead
In FY 2020-21, we will focus on the efficiency of our branches, managing the product mix, launching simple Over-the- Counter (OTC) products, insurance distribution through phone banking. We will further leverage technologies to digitalise processes, initiate paperless onboarding, enable API integration with insurance partners and launch analytics- driven digital campaign for insurance distribution.
FY 2019-20 ACHIEvEMENTS
Launched Atal Pension Yojana Introduced insurance for vehicle finance
Launch of Micro Insurance product from Aditya Birla Sun Life Insurance
Initiated Pradhan Mantri Fasal Bima Yojana for Kisan Credit Card borrowers
Process digitalisation initiated for insurance business
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