Third-Party Products

Growing our Portfolio and Scaling Up Competencies

Our goal is to offer our customers a comprehensive solution for their insurance and investment needs. We constantly expanded our product portfolio and improved our people and processes to serve customers.

533.82 Crores

Gross premium collected

50% yoy
42.44 Crores


56% yoy

During the year under review, we partnered with two new life insurance providers, Max Life Insurance and ICICI Prudential, to extend our product offerings across various segments. Additionally, we introduced comprehensive health insurance plans to cater to different segments and provide complete coverage. Both the life insurance and health insurance verticals have experienced strong year-on-year growth, with an increase in average ticket size for life insurance and a significant surge in health insurance sales due to successful cross-selling efforts.

As we expand our portfolio of third-party offerings, we are also enhancing our own capabilities. This includes intensifying our efforts to ensure employee IRDA certification, streamlining internal processes to eliminate operational bottlenecks, and digitising customer onboarding and servicing procedures. Alongside scaling up our service capabilities, we are placing a strong emphasis on acquiring quality customers across all business verticals to ensure sustainable growth.

Growth in FY 2022-23 over FY 2021-22

Corporate Agency Arrangement For insurance distribution, we currently have corporate agency arrangements with:

Life Insurance

  • Bajaj Allianz Life Insurance Co. Ltd.
  • HDFC Life Insurance Co. Ltd.
  • Aditya Birla Sun Life Insurance Co. Ltd.
  • Max Life Insurance Co. Ltd.
  • ICICI Prudential Life Insurance Co. Ltd.

General & Health Insurance

  • Bajaj Allianz General Insurance Co. Ltd.
  • ICICI Lombard General Insurance Co. Ltd.
  • Care Health Insurance Ltd.

Road Ahead

We plan to introduce investment services as a new line of business for our customers. Our target market consists of underserved customers who have limited knowledge and experience in financial management. By catering to this unmet need, we anticipate creating value for our customers. Our strategy involves selling third-party investment products through various physical and digital channels. Additionally, we will launch insurance offerings through our telesales channel and digitally distribute insurance through an InsurTech platform integrated with our branches.

To enhance customer satisfaction, we will implement end-to-end digital solutions for claim intimation and settlement. These solutions will be available for both our asset and liability customers. Furthermore, we intend to overhaul our internal customer management systems and introduce improved workflows based on data science. These initiatives will enhance overall business productivity. Alongside these efforts, we remain committed to building teams across our branches that are certified by the Insurance Regulatory and Development Authority (IRDA) and the National Institute of Securities Markets (NISM).

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