Delhi: IFFCO Tokio General Insurance Company Ltd, one of the leading general insurance companies in India, has entered into a strategic partnership with Kerala-based ESAF Small Finance Bank (ESAF SFB), a Scheduled Bank. The partnership will enable several customers of ESAF SFB to enjoy the benefits of the organized financial protection products for their assets and health. IFFCO Tokio General Insurance has signed a Corporate Agency agreement with ESAF SFB at an event at IFFCO Sadan, New Delhi. Also Read - RBI Announces Rs 50,000 Crore Special Lliquidity Facility For Mutual Funds
With this partnership, ESAF SFB will further expand its financial services suite to its growing customer- base with value packed insurance benefits. ESAF SFB will be able to provide its customers access to a wide array of simple yet value-rich general insurance products and services. Also Read - 'Would Help Small Businesses, MSMEs, Poor': PM Modi Applauds RBI's Relief Steps
Speaking at the signing ceremony, Mr. Warendra Sinha, MD & CEO, IFFCO Tokio General Insurance Company Limited said, “We are delighted to partner with ESAF Small Finance Bank since their model of delivering financial services to the unserved and under-served segments is unique. We look forward to take this journey together and hope to provide their customers with exclusive insurance products at affordable rates and boost the bank’s efforts in making them financially secured.” Also Read - RBI Cuts Reverse Repo Rate From 4% to 3.75%; Announces Rs 50,000 Crore Booster Package For Small And Medium-sized Industries | LIVE Updates
Anamika Roy Rashtrawar, Wholetime Director, IFFCO Tokio General Insurance, said, “ESAF Small Finance Bank has successfully combined technology with a human touch to deliver financial services. Their growth in two years is a case study in financial inclusion. We are confident that our digital integration will ensure seamless services to their customers.”
Mr. K Paul Thomas, MD & CEO, ESAF Small Finance Bank, said, “Our aim is to bring the marginalised community into the fold of formal financial services. We are extremely happy to have IFFCO Tokio General Insurance as a partner in that mission. The collaboration with IFFCO Tokio General Insurance will help our customers – both existing and new – understand the value of insurance better, as a result, making a more informed choice. The customized insurance products and services of IFFCO Tokio General Insurance will cater to the general insurance needs of our customers.”
IFFCO-Tokio General Insurance is a joint venture between the Indian Farmers Fertilizer Co-operative (IFFCO), one of India’s biggest cooperative society which is wholly owned by Indian Cooperatives, and Tokio Marine Group, which is the largest listed insurance group in Japan. The Company was incorporated on 4th December, 2000 and is currently the fourth largest private general insurance company in the country.
IFFCO Tokio is the first private insurer to establish Bima Kendras, which are single person operated centres, to increase insurance penetration in rural areas at the customer’s doorstep. As and when these Bima Kendras reach the desired size in terms of premium and growth potential they get converted into Strategic Business Units.
ESAF Society was launched with a vision of the sustainable holistic transformation of the poor and the marginalised. The success of Grameen Bank in Bangladesh reinforced the vision of K. Paul Thomas the Founder 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. In 2015, the Reserve Bank of India, the financial regulator in the country has granted an in-principle license to ESAF Microfinance and Investments Pvt. Ltd. to launch a Small Finance Bank. ESAF Small Finance Bank was one amongst the ten entities to receive an ‘in principle’ approval from the Reserve Bank of India to set up a Small Finance Bank in the private sector. In November 2016, the final license was issued by the RBI. ESAF Small Finance Bank was incorporated on May 05, 2016, with its Registered Office in Thrissur. The bank has started its operations on 10th March 2017 and now has 2.7 million customer bases and operating in 15 states with a deposit base of Rs. 4000 Crore.