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PNB MetLife and Kerala-based ESAF Small Finance Bank have entered into a strategic partnership to provide customers an expanded financial services suite.
The alliance will enable PNB MetLife to reach both existing and new ESAF SFB customers with insurance products. Also, 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.
“We are delighted to partner with ESAF SFB and offer our wide range of unique products to their customer base”, said Ashish Kumar Srivastava, Managing Director (MD) and Chief Executive Officer (CEO), PNB Metlife Insurance Co Ltd.
According to K Paul Thomas, MD and CEO, ESAF SFB, many families from the middle and lower socio-economic class of non metro cities do not have access to the services offered by the formal finance sector. The partnership with PNB Metlife will enable to fulfil customers to understand the value of life insurance better.
PNB MetLife is dedicated to the cause of insurance penetration. It utilizes various distribution channels. As of December 31, 2018, the insurer is present in 107 locations across the country with access to over 100 million customers. It also has a distribution network through more than 11,000 bank branches. ESAF Small Finance Bank is the newest addition to the list.
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