- With this partnership Fincare SFB aims to expand its product offering to also include Health Insurance
- Announces launch of a ‘Group Insurance Product’ designed exclusively for Fincare SFB customers
Delhi, January 29th, 2019: Bangalore based Fincare Small Finance Bank (SFB) has announced a strategic partnership with Religare Health Insurance, a leading specialist Health Insurance company. The announcement was made at a press conference today, on the sidelines of its branch launch at Pritampura in Delhi. Fincare SFB as a corporate agent would be offering products of Religare Health Insurance to its customers at its full service banking outlets across the country.
With the Health & Wellness space becoming a key priority, Fincare SFB saw a growing demand for relevant & customized solutions. This strategic tie-up aims at addressing the need-gap as it will enable Fincare SFB to offer comprehensive health insurance products to its large customer base.
With Finacare SFB’s extensive network across the country, Religare Health Insurance looks forward to expanding its footprint among an audience that seeks true value for money offerings. Through this initiative, the insurer will offer its retail products across categories such as Health Insurance, Travel Insurance & Health Insurance for senior citizens; and not just that looking at Fincare SFB’s commitment towards its customers, both the institutions have joined hands for launching a bespoke Group Health Insurance product exclusively for Fincare SFB’s Customers.
Mr. Rajeev Yadav, MD & CEO of Fincare SFB, at the conference said,“We are very excited to be partnering with Religare Health Insurance(RHI), theproducts will help Fincare SFB to expand our product offerings to our customers. Fincare SFB has a large base of senior citizen customers owing to its superior interest rates on FDs. Religare Health’s unique Senior citizen product ‘Care Senior’ will be an important value proposition for this segment. Further, Religare’s technology-led, instant onboarding and claims processes align well with Fincare’sdigital processes.”
Speaking further, he stated that Delhi has been a very successful market for Fincare SFB. “The performance of our first branch launched only in August this year has been very encouraging for us, and we are therefore adding more branches in the city.”
Addressing the gathering, Mr. Anuj Gulati, Managing Director &Chief Executive Officer (CEO) of Religare Health Insurance said, “At the very onset, I would like to congratulate the Fincare team on their steady expansion in this part of the country. We see a great potential in this association and endeavor to offer specialized health insurance& wellness solutions to their customers.” Talking about the importance of health insurance Gulati further added, “In the current scenario of rising medical inflation, it is imperative that we see significant improvement in health insurance penetration which currently stands below 3% for individual health insurance policies.”
Fincare Small Finance Bank has shown robust growth year on year. As of December 31, 2018, the bank had gross Assets Under Management (AUM) of Rs. 2,836 Crore, demonstrating a 71% year-on-year (y-o-y) growth. The Bank also had a deposits base of Rs. 1,432 Crore, comprising of over 48% retail deposits.
For its service excellence, Religare Health Insurance was awarded the Claims Service Leader Award in 2018.