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SUD Life, Vakrangee join hands to sell insurance policies in smaller towns


MUMBAI, MARCH 23, 2022

Star Union Dai-ichi Life Insurance (SUD Life) and Dai-ichi Life Japan has partnered with Vakrangee to tap customers living in smaller towns and rural areas.

SUD Life is a joint venture between Bank of India, Union Bank of India, and Dai-ichi Life Japan.

The partnership with the fintech player, which is at the forefront driving financial inclusion and social inclusion through its network of kendras, aims to increase company’s footprints and provide insurance services till the last mile across Bharat, SUD Life said in a release.

The partnership of SUD Life, having more than 1.3 crore customers, with Vakrangee, currently having 19,230 kendras, mostly in tier 5 and 6 towns spread across 33 States and UTs covering 56 districts and 5,430 postal codes, will help the insurer expand its base in the interior areas of the country, it added.

MD & Group CEO, Vakrangee Ltd. Dinesh Nadanwana exchanging corporate agency agreement with Ganesh Muruga, EVP & Head – Retail Sales of Star Union Dai-ichi Life Insurance.

New association will help SUD Lifeto support especially in unserved and underserved areas through its strong and unique product portfolio with adequate and flexible products where customer will benefit from guaranteed maturity benefit, tax benefit, loan facility, life cover as well as guaranteed Income.

”With the help of Nextgen Vakrangee kendras network, SUD life has created an opportunity to increase the organisations’ footprints and penetrate its services more into unbanked and underbanked areas and will make India more secured”, Abhay Tewari, MD & CEO of SUD Life, said.

Commenting on this partnership, Vakrangee Ltd. Managing Director & Group CEO Dinesh Nandwana said, “With this partnership, we continue to expand the bouquet of services available at our VakrangeeKendras and the BharatEasy Super App. These Nextgen outlets have evolved into an exclusive digital convenience store model providing access to multi line of products and services. We further empower our franchisee family to complement their bouquet of offerings to their customers at VakrangeeKendras. Our Nextgen Vakrangee Kendra act as a one stop shop for the local customers offering them a bouquet of services as well as Renewal premium collection point and thus provide them the convenience, at the same time aiding them with Financial, Social and Digital inclusion.

“Our franchisees in remote areas of the country can now enhance their services by offering Insurance Products too. We will continue to add more products and services and tie-up with leading business partners to offer our customers a one-stop solution to all their banking, insurance, ATM, financial services, assisted e-Commerce, e-Governance and logistics. Vakrangee provides these partners with the unmatched reach in remote areas where these brands find the cost of operations too high,” added Nandwana.

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