Distribution platform Vakrangee has signed a corporate tie-up with Shriram Life to expand the portfolio and sell insurance products through its network outlets, sending shares higher by up to 4% in mid-day trade on December 30.
Shriram Life Insurance is jointly promoted by South Africa's Sanlam Group and the Shriram Group, offering financial protection solutions for rural, tier 3/4 areas at affordable premium. Shriram Life has over Rs 12,310 crore of assets under management as on September 2024 and over 4.4 lakh individual policies sold in FY24. It is amongst the top 10 insurance players in terms of individual policies sold and amongst the top 5 in rural India.
Vakrangee said the partnership expands the portfolio of essential services. "This initiative aligns with our vision of driving financial inclusion and providing last-mile access to high-quality insurance products for every Indian, regardless of their location,” Managing Director Vedant Nandwana said.
Vakrangee Kendras are exclusive branded outlets that offer a range of products and services across banking, insurance, ATM, assisted e-commerce, e-governance and healthcare. As many as 83% of Vakrangee Kendra outlets are in Tier-4 to 6 locations, and allow customers access to financial services in most remote locations. Vakrangee says it plans to add more products and services as well as tie-ups with business partners to offer a one-stop solution to all banking-related needs.
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