Mumbai, Feb 24: Utkarsh Small Finance Bank Limited (“Utkarsh SFBL”) today announced a strategic partnership with Kotak Mahindra Life Insurance Company Ltd (“Kotak Life”), marking a significant milestone in the Bank’s product expansion strategy. This collaboration significantly strengthens Utkarsh SFBL’s life insurance vertical, integrating Kotak Life’s comprehensive suite of products across the Bank’s 1105 banking outlets spanning 27 states and union territories.
The tie-up plans to benefit 51.4 lakh customers of Utkarsh SFBL that will offer a wide range of tailor-made life insurance products and solutions provided by Kotak Life, including protection, savings, unit-linked and retirement.
Speaking on the partnership, Mr. Govind Singh, Managing Director & CEO, Utkarsh Small Finance Bank Limited, said:
“This partnership reinforces our commitment to delivering holistic financial solutions to our customers. By collaborating with Kotak Life Insurance, we are creating a robust platform that offers access to a wide array of Life Insurance products from leading insurers. This enables our customers to choose solutions that are best suited to their individual needs, preferences and life stages, while enhancing financial security that best suits their unique needs and financial goals”.
Mahesh Balasubramanian, Managing Director, Kotak Mahindra Life Insurance Company Limited, said,
“At Kotak Life, we firmly believe that life insurance is a necessity for every Indian. We are committed to IRDAI’s vision of ‘Insurance for All’ and our collaboration with Utkarsh Small Finance Bank is a step in that direction. Through this partnership, we aim to extend our reach to untapped segments of the population by leveraging the bank’s customer network and our life insurance expertise to provide financial security to Utkarsh SFBL’s customers.”
This partnership will enable Utkarsh SFBL’s customers to access a wider range of life insurance offerings, which can be delivered through multiple channels such as branches, Internet Banking, Mobile Banking, UPI and assisted-digital platforms.
Kotak Life has secured over 5 crore active lives, reflecting its consistent track record of delivering financial security to policyholders, an assurance that will now extend to the customers of Utkarsh SFBL.