Bajaj Allianz Life & Satin Creditcare Collaborate To Boost Insurance In Rural Areas

Bajaj Allianz Life, one of India’s leading private life insurers and Satin Creditcare Network, one of the leading non-banking finance corporation-micro finance institution (NBFC-MFI), have unveiled their strategic partnership today with Coverfox, an insurance broker playing a pivotal role in enabling this partnership to improve financial inclusion in rural India. 

Through this strategic partnership, customers of Satin Creditcare can now secure their loans with Bajaj Allianz Life’s tailored insurance plans across its 1,386 branches in the country. It will provide customers’ families with financial security in case of any unfortunate incident nd with peace of mind. It will leverage Coverfox’s tech infrastructure for ease and convenience of insurance buying, selling and servicing, digitally.

Dheeraj Sehgal, Chief Distribution Officer, Institutional, Bajaj Allianz Life said, "The collaboration between Bajaj Allianz Life, Satin Creditcare, proficiently supported by Coverfox, is dedicated to providing financial security and enabling customers to pursue their goals with complete ease. Our aim is to assure and empower customers with the essential cover, ensuring that their families' life goals remain on track in case of any unfortunate event."

Bajaj Allianz Life Insurance manages assets under management to the tune of over Rs 1,04,493 crores (as of 31 December 2023) with an individual claim settlement ratio of 99.04 per cent and a Solvency Ratio of 516 per cent (as of 31 March 2023).

HP Singh, Chairman and Managing Director of Satin Creditcare Network, expressed his pleasure about the collaboration and said, "In our ongoing mission to provide holistic financial solutions that empower and extend a shield of protection to our family of over three million, we are confident that this alliance will offer comprehensive security, enabling our clients to navigate life's uncertainties with confidence and resilience.”

Satin Creditcare Network (SCNL or Satin) is a microfinance institution (MFI) in the country with a presence in 24 states and union territories and 97,000 villages.

Sanjib Jha, Chief Executive Officer, of Coverfox Group of Companies said, "Bajaj Allianz Life, Coverfox and Satin Creditcare's partnership aims to empower customers in rural and remote areas of the country. It is important to provide them with financial risk coverage with ease of onboarding and interaction facilitated by technology.”