Mumbai: In a significant move towards enhancing the financial solutions available to customers, ESAF Small Finance Bank today announced a bancassurance partnership with Edelweiss Tokio Life Insurance. This collaboration brings together two organisations dedicated to prioritizing customer needs and fostering a culture of growth and innovation. This partnership is an integral part of ESAF Small Finance Bank's strategy to diversify its offerings and its dedication to extending financial security to a broader section of the unbanked and underbanked population.

 

Commenting on the collaboration, K. Paul Thomas, MD and CEO, ESAF Small Finance Bank said, "We are pleased to join hands with Edelweiss Tokio Life Insurance. This partnership aligns with our goal of providing our customers with a broad range of financial solutions. Together, 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."

 

Commenting on the partnership, Sumit Rai, MD & CEO, Edelweiss Tokio Life Insurance said, “Aligned with IRDAI’s vision of Insurance for all, we have been focused on deepening our distribution width to create easy customer accessibility across the country. 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 improve our 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, capitalizing on ESAF Small Finance Bank’s strong presence across rural markets in India. This 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.

 

Acknowledging the dynamic shifts in customer aspirations, ESAF Small Finance Bank is dedicated to collaborating with Edelweiss Tokio Life. Together, they aim to provide pertinent solutions that address the distinct requirements of diverse customer segments.

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About ESAF Small Finance Bank

ESAF Small Finance Bank (ESAF SFB), the new age social bank continues to redefine the banking experience for all stakeholders. ESAF Small Finance Bank got the Reserve Bank of India's approval for inclusion in the second schedule of the RBI Act 1934 within two years of the commencement of its operations and hence the Bank became a Scheduled Bank with effect from 27thDecember 2018. In June 2018, the RBI permitted the Bank to start NRE (Rupee) Account Operations. As of September 30, 2023, the Bank’s distribution network was at 700 branches and 579 ATMs across 236 Districts in 21 States and 2 Union Territories. In addition, Bank have 25 Business Correspondents and 855 Customer Service Centres.

 

About Edelweiss Tokio Life Insurance

Edelweiss Tokio Life Insurance established nationwide operations in July 2011 with an immovable focus on protecting people’s dreams and aspirations. Guided by customer insights, Edelweiss Tokio Life has been offering need-based and innovative life insurance solutions to help customers live their #ZindagiUnlimited. With a customer-centric approach, the company endeavours to build a multichannel distribution network to effectively serve its customers across the country. As of March 2023, the life insurer has established 109 branches in 88 major cities.

 

Awards:

Edelweiss Tokio Life Insurance has been recognized at multiple and reputed industry forums over the years. Here are some noteworthy awards:

• Ranked #38 in India's Best Companies to Work For 2023 and has received 6 other recognitions in a single year by the Great Place to Work Institute

• Most Trusted BFSI Brands in 2023-2024 by the Marksmen Network

• Employee Excellence Award 2023 by The Economic Times

• Golden Peacock Award 2023 for Risk Management

• Excellence in Customer Experience at The Economic Times CX Summit 2022

• GUINNESS WORLD RECORDS title for collecting the highest number of pledges for organ donation in a single day.

 

To learn more about Edelweiss Tokio Life Insurance, please visit www.edelweisslife.in