Sood Life 13 years old and one of the fastest growing life insurance companies in India
Star Union Dai-ichi Life Insurance (Sud Life), a joint venture between two leading public sector banks in India, Bank of India and Union Bank of India and Dai-ichi Life Japan, has worked to bring about financial inclusion and social inclusion. It has tied up with Vakrangi, a fintech company. Under this alliance, insurance services will be provided through its network of centers expanding the organization to the last mile in India.
Sood Life is 13 years old and one of the fastest growing life insurance companies in India. It has registered profit for the first time by bringing break even in its 6 years of operation, and is in the top twenty five per cent unbanked and banking in claims settlement track-record with 96 per cent retail and 98 per cent group credit life claims. It has a strong collective network of 17,000 Points of Sale with 152 offices in India, which serves over 13 million customers associated with Vakrangee. At present, Vakrangee has 19,230 centers in 56 districts and 5430 postal codes across 33 states and union territories in India, mostly in Tier 5 and Tier 6 cities.
This new tie-up will help Sood Life through its strong and unique product portfolio to offer adequate and flexible products to the underserved and underserved areas of banking services and provide customers with guaranteed maturity benefits, tax benefits, loan facilities, life cover and more. You will get benefits like guaranteed income.
Abhay Tiwari, MD & CEO, Star Union Dai-ichi Life Insurance, said, “We are committed to providing insurance products that meet the unique needs of customers across different segments of society and geographies. With the help of a network of NextGen Vakrangee centers, SUD Life has the opportunity to expand the organization’s footprint and reach out to areas that are deprived or lacking in banking services. This step of ours will help in making India more secure.
Commenting on the tie-up, Binu Gopal Krishna, SVP & Head, RRB & Broking, Star Union Dai-ichi Life Insurance Company Limited, said, “This strategic tie-up enables Star Union Dai-ichi Life to expand its distribution with the help of more Point of Sale. This will help in increasing the capacity and these point of sale will benefit our portfolio immensely.”
Commenting on the association, Dinesh Nandwana, Managing Director and Group CEO, Vakrangi Limited said, “We are delighted to announce this partnership with Star Union Dai-ichi Life Insurance. Through this partnership, we will be able to offer life insurance products on our platform. With this partnership, we continue to expand the services available at Vakrangee Kendras and BharatEasy Super App. These NextGen outlets have evolved into an exclusive digital convenience store model, offering a diverse array of products and services. We are enabling our franchise family to expand our offerings to our clients at Vakrangee centres. Our NextGen Vakrangee centers act as a one stop shop for local customers by offering them a wide range of services and renewal premium collection points, providing them greater convenience and helping them drive financial, social and digital inclusion. Meets.
Nandwana said, “Our franchisees in remote areas of the country can now expand their services by offering insurance products as well. We tie-up with leading business partners to offer more products and services to provide our customers with one-stop solutions for their banking, insurance, ATM, financial services, assisted e-commerce, e-governance and logistics needs. will do. Vakrangee gives these partners unmatched reach in remote areas where the cost of operating for these brands is very high.”
About Sud Life: Star Union Dai-ichi Life Insurance is headquartered in Navi Mumbai. It is a joint venture between two leading public sector banks in India, Bank of India and Union Bank of India, and Dai-ichi Life Japan, Japan’s leading life insurance company. For more details log on to soodlife.in.