PNB MetLife partners with Saraswat Co-operative Bank to offer insurance solutions
PNB MetLife India Insurance Company Ltd (PNB MetLife) has forged a strategic bancassurance partnership with Saraswat Co-operative Bank Ltd, one of the largest urban co-operative banks in India.
This collaboration aims to enhance financial inclusion by offering a comprehensive suite of life insurance solutions, including savings, protection, retirement, and group plans, to Saraswat Bank’s extensive customer base of approximately 30 lakh individuals, across 302 branches nationwide.
Bancassurance is an insurance distribution model where companies partner with banks to sell insurance policies or products. This arrangement benefits both the bank and insurance companies. While the bank earns a commission from the insurance company, the insurer gains from bank’s distribution network.
Sameer Bansal, Managing Director & CEO of PNB MetLife, said, “India continues to face a significant insurance protection gap. This emphasizes the urgent need for wide-reaching distribution channels to make insurance available to more people. Our partnership with Saraswat Bank is a step towards our mission to make life insurance accessible to millions of Indians. By leveraging Saraswat Bank’s trusted legacy and our insurance expertise, we aim to deliver solutions that address customers’ financial needs across various life stages while also providing them with much needed financial protection.”
Arti Patil, Managing Director & CEO of Saraswat Co-operative Bank Ltd, said, “Collaborating with PNB MetLife is part of our continuous efforts to bring the best life insurance solutions to our customers. As the largest Urban Co-operative Bank in India, this partnership reinforces our vision of delivering comprehensive services that address every aspect of our customers’ financial well-being.”
By effectively combining the strengths of PNB MetLife and Saraswat Bank, the partnership brings to life PNB MetLife’s positioning: “Milkar Life Aage Badhaein.” The strategic partnership is expected to help address the protection gap and increase insurance penetration while promoting financial inclusion by reaching underserved and uninsured segments of the population.