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Bengaluru, February 19, 2024: Bajaj Allianz Life, one of India’s leading private life insurers, and Satin Creditcare Network Limited, a leading Non-Banking Finance Corporation – Micro Finance Institution (NBFC – MFI), announced their strategic partnership today with Coverfox, an insurance broker playing a pivotal role in enabling this partnership. The agreement was signed in Gurgaon, committing to work together 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 with peace of mind and their family’s financial security in case of any unfortunate incident. It will leverage Coverfox’s tech infrastructure for ease and convenience of insurance buying, selling and servicing, digitally.
Speaking about the partnership, Dheeraj Sehgal, Chief Distribution Officer, Institutional, Bajaj Allianz Life, stated, “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.”
Mr. HP Singh, Chairman cum Managing Director of Satin Creditcare Network Ltd., expressed his pleasure about the collaboration, saying, “We are ecstatic to announce our partnership with Bajaj Allianz Life & Coverfox as this marks the beginning of a transformative journey centred around our customers’ interests at heart. In our ongoing mission to provide holistic financial solutions that empower and extend a shield of protection to our family of over 3 million, we are confident that this alliance will offer comprehensive security, enabling our clients to navigate life’s uncertainties with confidence and resilience. Together, we are poised to redefine industry standards and set new benchmarks in customer-centric innovation”.
Mr. Sanjib Jha , CEO , Coverfox Group of Companies said, “Bajaj Allianz Life, Coverfox & 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. We are pleased to support the endeavors of these two companies with our tech and be a part of their mission to increase financial inclusion across the country. We believe that this partnership will not only strengthen our individual positions in the market but also foster innovation and growth within our Micro-finance industry. We see tremendous potential in joining forces with Bajaj Allianz Life & Satin Creditcare. Together, we aim to deliver unparalleled value to our customers”.
