AU Small Finance Bank And Kotak Life Partner To Expand Access Of Life Insurance And Financial Security Solutions

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.”

About AU Small Finance Bank

AU Small Finance Bank Limited (AU SFB) is a scheduled commercial bank and has established itself as the largest SFB in India since starting its banking journey in April 2017. Established in 1996 by Mr. Sanjay Agarwal, a first-generation entrepreneur, AU SFB boasts a 29 year-legacy with deep understanding of the rural and semi-urban markets and customer segments. The Bank operates a sustainable business model that facilitates credit to the unserved and underserved retail and MSME customer segments while providing complete banking solutions to its deposit and branch banking customers. As a tech-led Bank, AU has a strong digital presence with innovative products and services like 24X7 video banking, credit cards, personal loans, UPI QRs, payments, merchant lending, WhatsApp Banking, Chatbots etc. and its digital bank application AU0101 remains among the higher rated banking apps in India.

The Bank operates from 2,414 banking touchpoints across 21 States & 4 Union Territories serving 1.08 Cr customers with an employee base of 46,000+ employees. As on 30th June’24, Bank has a Shareholders Funds of Rs 15,516 Cr, Deposit base of Rs 97,290 Cr, Total Loan Portfolio of Rs 99,792 Cr and a Balance sheet size of ~Rs 1.26 Lakh Crore. AU SFB enjoys the trust of marquee investors and is listed at both NSE and BSE. It has consistently maintained high external credit Rating and is presently rated ‘AA/Stable’ by CRISIL Ratings, ICRA Ltd., CARE Ratings and India Ratings, while the Bank’s FD is rated ‘AA+/Stable’ from CRISIL Ratings.

Website: www.aubank.in | Twitter: @aubankindia | Facebook: AU Small Finance Bank | LinkedIn: AU Bank

About Kotak Mahindra Life Insurance Company Ltd     

Kotak Mahindra Life Insurance Company Limited (Kotak Life) is a 100% owned subsidiary of Kotak Mahindra Bank Limited (Kotak). Kotak Life provides insurance products with high customer empathy. Its product suite leverages the combined prowess of protection and long term savings. Kotak Life is one of the fastest growing insurance companies in India with 303 branches across 146 cities and has covered more than 5 crore active lives as on 31st August 2024.

For more details, visit www.kotaklife.com