PNB MetLife India Insurance and Kerala-based ESAF Small Finance Bank have entered into a strategic partnership, which will provide customers across the ESAF SFB network with access to an expanded financial services suite. The alliance will enable PNB MetLife to reach both existing and new ESAF SFB customers with insurance products, while ESAF SFB will be able to provide its customers an access to a wide array of life insurance products and services. A corporate agency agreement was signed in this regard.
Ashish Kumar Srivastava, MD & CEO of PNB MetLife India Insurance, said, “PNB MetLife has always believed in inclusive growth and looked for ways to expand its reach. We are delighted to partner with ESAF SFB and offer our wide range of unique products to their customer base. We look forward to this journey together and hope to provide more customers with PNB Metlife’s insurance products.”
As of December 31, 2018, the PNB Metlife operates in 107 locations across the country with access to over 100 million customers and has distribution network through more than 11,000 bank branches. ESAF Small Finance Bank is the newest addition to the list which includes Punjab National Bank, Karnataka Bank and Jammu & Kashmir Bank.
K Paul Thomas, MD & CEO, ESAF Small Finance Bank, said “Many middle and lower socio-economic class families from non-metro cities do not have access to the services offered by the formal finance sector. This partnership with PNB MetLife will enable us to fulfill our vision of enabling our customers — existing and new — to understand the value of life insurance better, and thereby make a more informed decision on why it is useful for them.”