HDFC ERGO Joins Hands with Utkarsh Small Finance Bank to Offer General Insurance Products to the Bank's Customers

HDFC ERGO General Insurance Company, India's third largest non-life insurance provider in the private sector, and Utkarsh Small Finance Bank have signed a corporate agency agreement for the distribution of General Insurance products through the Bank's network of branches across the country.

The association with Utkarsh Small Finance Bank will offer General Insurance products, from HDFC ERGO, to the Bank's General Banking / Micro Banking clients across India. A plethora of General Insurance products such as Motor Insurance, Home Insurance, Health Insurance, Travel Insurance and Fire Insurance; will be offered through the Bank's network of branches.

Speaking on the occasion, Mr. Anuj Tyagi, Executive Director, HDFC ERGO General Insurance Company said, 'Partnering with Utkarsh Small Finance Bank is an important milestone for us as part of our growth strategy. It is our endeavor to expand our horizon and make our products more widely available to the consumers at various touch points across the country.' He further said that, "We see immense opportunity in this partnership and firmly believe that the customers of the Bank will benefit from the bouquet of our products which will now be available through the Bank's network.'

Mr. Govind Singh, MD & CEO, Utkarsh Small Finance Bank Ltd. also added his thoughts and said, 'When it comes to financial services, we want to offer our clients a bouquet of Financial Services under one roof and the partnership with HDFC ERGO is a strategic step in that direction.Our customers will now be able to gain access to various general insurance products. This association is in line with our proposition of delivering best and offering services that add value to our clients.'

The partnership aims to provide enhanced customer experience by leveraging technology to augment the comprehensive range of third party products and services distributed by the Bank.

About HDFC ERGO

HDFC ERGO General Insurance Company is a 51:49 joint venture between HDFC Ltd.; India's premier Housing Finance Institution and ERGO International AG; the primary insurance entity of the Munich Re Group of Germany. HDFC ERGO is India's third largest non-life insurance provider in the private sector. The company offers complete range of general insurance products ranging from Motor, Health, Travel, Home and Personal Accident in the retail space and customized products like Property, Marine and Liability Insurance in the corporate space. HDFC ERGO is expanding its network across the country and is today present in 108 branches spread across 91 cities with an employee base of over 2000 professionals. The Company also has a wide distribution network besides its own direct sales force.

About Utkarsh Small Finance Bank

Utkarsh Small Finance Bank is a RBI licenced Small Finance Bank. Headquartered at Varanasi, Uttar Pradesh, the Bank has operations in Uttar Pradesh, Bihar, Jharkhand, Maharashtra, Madhya Pradesh, Chhattisgarh, Delhi-NCR, Uttarakhand, Haryana and Himachal Pradesh.

Utkarsh Micro Finance is the promoting company of Utkarsh Small Finance Bank. Utkarsh Micro Finance started its operations in September 2009 to provide financial and non-financial services in its area of operations to the underserved population who have the necessary skills but are in need of capital. Initially, it started with credit under Joint Liability Group (JLG) model. Today the Bank also provides Micro, Small & Medium Enterprise loan (MSME) and Housing Loans to its customers.

The current outreach of Utkarsh is in 110 districts of 10 states with over 12 lakh active client base. Utkarsh currently has 343 Micro Finance Branches, 7 Micro Banking branches, 18 Retail Assets (MSME & HL) Branches and 19 General Banking Branches in these geographies with over 3,850 employees. The current portfolio outstanding of Utkarsh is over Rs. 1,800 Cr.

Source: India Herald Group