HDFC Life Partners with CARS24 to Expand Insurance Reach
HDFC Life ties up with CARS24 Financial Services to widen life insurance distribution HDFC Life, one of India's largest life insurers, has signed a strategic Corporate Agency tie-up with CARS24 Financial Services Pvt. Ltd., a leading NBFC offering vehicle financing solutions. The partnership is aimed at enhancing the distribution of HDFC Life's life insurance products through CARS24's established network of branches and digital platforms.
CARS24 Financial Services is a subsidiary of the CARS24 group and is registered with the Reserve Bank of India and the Insurance Regulatory and Development Authority of India (IRDAI) as an Insurance Corporate Agent. Its recent initiative, INSURE24, is set to transform the digital insurance landscape, catering to India’s growing online consumer base by making insurance more accessible and convenient.
Under the partnership, HDFC Life will enable CARS24 to offer a suite of HDFC Life's life insurance products to its current and prospective customers. These products will be available in both the physical branches and digital platforms of CARS24, thus enhancing the reach of both companies in markets where CARS24 is strong. The tie-up further supports the vision of making insurance accessible to all Indians by 2047.
HDFC Life, with a portfolio of 70 products and a claim settlement ratio of 99.50%, is well-positioned to leverage this partnership. CARS24, with more than 280 branches across India, brings an extensive distribution network to the table. The alliance aims to provide life insurance solutions that help secure the financial future of more Indians.
Vineet Arora, Chief Business Officer – Distribution, Data & Technology at HDFC Life, expressed his excitement about the partnership, saying, “We are pleased to partner with CARS24 Financial Services Pvt. Ltd. Their focus on innovation and technology complements our wide range of offerings. Together, we aim to reach a wider audience and provide them with the essential life insurance coverage they need for financial security”.
Vikram Singh Pathania, Vice President of Consumer Finance at CARS24 and Head of INSURE24, was quoted saying, "We are happy to collaborate with HDFC Life to further strengthen our product suite. The synergy between HDFC Life's rich experience in innovation in products and digital solutions complements our goal of making insurance simple and accessible for everyone".
This partnership is expected to play a pivotal role in bringing financial security to a broader section of the population, as both HDFC Life and CARS24 work together to meet the needs of India's diverse consumers.
