Mumbai: PNB MetLife, one of the top 10 private life insurance companies in India (fiscal 2018), and Kerala-based ESAF Small Finance Bank, have entered into a strategic partnership. The partnership will provide the customers across the ESAF SFB network with access to an expanded financial services suite. A Corporate Agency agreement was signed to this regards.
- With this partnership, ESAF SFB will be able to provide PNB MetLife’s gamut of life insurance solutions to its existing and future customer base
- This strategic tie-up will help PNB MetLife and ESAF SFB to reach many more Indians and further the Indian Government's agenda of holistic financial inclusion
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. As per the Corporate Agency agreement, ESAF SFB will leverage its outlets to offer PNB Metlife’s life insurance products.
Speaking at the Press Conference, Ashish Kumar Srivastava, MD & CEO, PNB MetLife India Insurance Co, Ltd. 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.”
Adding to this, Mr. 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.”
PNB MetLife is dedicated to the cause of insurance penetration. Bearing in mind the same, PNB MetLife continuously utilizes various distibution channels. As of December 31, 2018, the insurer is present 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.
About PNB MetLife India Insurance Company Limited
PNB MetLife India Insurance Company Limited (PNB MetLife) has as its shareholders MetLife International Holdings LLC. (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and other private investors, with MIHL and PNB being the majority shareholders.
For more information, follow us on twitter @PNBMetLife1, www.facebook.com/PNBMetLife or visit www.pnbmetlife.com
- The marks “PNB” and “MetLife” are the registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks”.
About ESAF Small Finance Bank
ESAF Small Finance Bank (ESAF SFB) the new age social bank is here to redefine the banking experience to all our stakeholders We primarily focus on expanding the banking horizon to new unbanked areas, yet we stand as a bank for all with presence in urban, semi urban, rural and rural unbanked areas. The journey of ESAF began in a small house named ‘Little’ at Thrissur in 1992. Contrary to what the name of the house sounds, ESAF Society was launched with a bigger vision of sustainable holistic transformation of the poor and the marginalized. The success of Grameen bank in Bangladesh reinforced the vision of Sri.K. Paul Thomas the Founder and Managing Director of ESAF. In 1995, he launched Micro Enterprises Development (MED) services and it resulted in the formation of ESAF Microfinance and Investments Pvt. Ltd., in 2008, giving importance of financial component in holistic economic development of the poor and marginalized. ESAF was the pioneer in establishing a formal and structured form of lending through forming mutually trusted groups at the village level that could not only bring financial sustainability but also reinforced the fact that ‘the poor of our country are trustworthy’. In the remote and unbanked regions of the country ESAF could cultivate a culture of financial discipline and also improved the workers participation rate as women too joined the workforce or started some income generation activity that could financially support their household. Financial literacy mission started by ESAF could not only bring know-how on how to spend wisely but also secure the future.
ESAF has adopted a unique social business strategy, with a triple bottom line approach, emphasizing on People, Planet and Profit.
After analysing the activities of ESAF, in October 2016, the Reserve Bank of India, the financial regulator of the country granted license to ESAF Microfinance and Investments Pvt. Ltd. to launch a Small Finance Bank and subsequently the Bank was launched in March, 2017.