Mumbai,14th March 2022: SUD Life ties up with Vakrangee to target unbanked and underbanked Bharat. Star Union Dai-ichi Life Insurance (SUD Life), a joint venture between two of India’s leading public sector banks, Bank of India and Union Bank of India, and Dai-ichi Life Japan has partnered with Vakrangee,a fintech player at the forefront driving financial inclusion and social inclusion initiatives through its network of Kendras to increase the organizations’ footprints and provide insurance services till the last mile across Bharat.
SUD Life,13-year-old and one of the fastest-growing Life insurance companies in India broke even and posted profit in its 6th year of operation is with top quartile in Claim Settlement track-record 96%-Retail and 98%- Group Credit Life claim settlement has a robust collective network of over 17000 points of sale with 152 offices across India, catering to more than 1.3 crore customers aligned with Vakrangeewhich is currently having 19230 Kendras, mostly in Tier 5 and 6 towns, spread across 33 States & UTs covering 56 districts and 5,430 postal codes.
New association will help SUD Life to support, especially in unserved and underserved areas through its strong and unique product portfolio with adequate and flexible products where customers will benefit from guaranteed maturity benefit, tax benefit, loan facility, life cover as well as guaranteed Income.
“We are committed to providing insurance products that serve customers’ unique needs across various strata of the society and geography. With the help of Nextgen VakrangeeKendras network SUD life has created an opportunity to increase the organizations’ footprints and penetrate its services more into unbanked and underbanked areas and will make India more secured”, said Mr. Abhay Tewari, MD & CEO –Star Union Dai-ichi Life Insurance.
Commenting on the Partnership Mr. Binu Gopal Krishna , SVP & Head RRB & Broking of Star Union Dai-ichi Life Insurance Company Limited said, “this strategic alliance will help Star Union Dai-ichi life to increase their distribution capability through increased Point of Sale and such POS will create add huge advantage in our portfolio”.
Commenting on this partnership, Mr. Dinesh Nandwana, Managing Director & Group CEO, Vakrangee Ltd. said, “We are happy and honoured to announce this partnership with Star Union Dai-ichi Life Insurance which enables us to have Life Insurance Products across our platforms. With this partnership, we continue to expand the bouquet of services available at our VakrangeeKendras and the BharatEasy Super App. These Nextgen outlets have evolved into an exclusive digital convenience store model providing access to multi line of products and services. We further empower our franchisee family to complement their bouquet of offerings to their customers at VakrangeeKendras. Our Nextgen Vakrangee Kendra act as a one stop shop for the local customers offering them a bouquet of services as well as Renewal premium collection point and thus provide them the convenience, at the same time aiding them with Financial, Social and Digital inclusion.
“Our franchisees in remote areas of the country can now enhance their services by offering Insurance Products too. We will continue to add more products and services and tie-up with leading business partners to offer our customers a one-stop solution to all their banking, insurance, ATM, financial services, assisted e-Commerce, e-Governance, and logistics. Vakrangee provides these partners with the unmatched reach in remote areas where these brands find the cost of operations too high”, added Mr. Nandwana.
About Sud Life: Star Union Dai-ichi Life Insurance, headquartered at Navi Mumbai, is a joint venture between two of India’s leading public sector banks, Bank of India and Union Bank of India, and Dai-ichi Life Japan, a leading life insurance company in Japan.
