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Insurance
22-Jan-25
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HDFC Life Insurance joins hands with CARS24 financial services for corporate agency tie-up
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HDFC Life insurance, one of India’s leading life insurance companies, has recently signed a corporate agency agreement with CARS24 Financial Services Pvt. Ltd. The partnership will enable CARS24 Financial Services Pvt. Ltd to distribute HDFC Life products to CARS24’s existing and prospective customers.
HDFC Life’s life insurance solutions will be offered across branches and the partner’s digital platforms. Both the partners aim to work together to increase the reach of life insurance across CARS24’s footprint. This in turn would contribute to the larger objective of ‘Insurance for All by 2047’.
HDFC Life Insurance, with 70 products (including individual and group products) and a claim settlement ratio of 99.50%, and CARS24, with a strong presence of over 280 branches across the country, look forward to a long and fruitful partnership that will play a significant role in financially securing more Indians.
Vineet Arora, Chief Business Officer, Distribution, Data & technology, HDFC Life, said, "We are pleased to partner with CARS24 Financial Services Pvt. Ltd. Their focus on innovation and technology complement our wide range of offerings and together we can reach out to a wider audience thereby providing them with life insurance solutions. We believe life insurance is a must-have for every individual with responsibilities. Financial security is the foundation stone to building a strong future for oneself and one's family. This partnership with Cars24 Financial Services Pvt. Ltd. will further strengthen our efforts to reach out to individuals across the country and secure them, financially."
Vikram Singh Pathania, Vice President of Consumer Finance at CARS24 and Head of INSURE24, said, "We are delighted to join hands with HDFC Life to take our product offerings to the next level. HDFC Life's forward-thinking strategies, and profound understanding of the digital landscape, perfectly complement our mission to make insurance simple and accessible for all consumers."
"HDFC Life's strengths in product innovation, digital expertise, and seamless technology integration will empower INSURE24 to effectively engage with today's digitally-savvy consumers."
CARS24 Financial Services Private Limited ("CARS24 Financial Services") is a professionally managed Non-Banking Financial Company ("NBFC") registered with the Reserve Bank of India and Insurance Corporate Agent from IRDAI. The company is a part of the CARS24 Group and offers a wide range of vehicle finance solutions to its customers. INSURE24, a key milestone of CARS24, is set to transform the digital insurance landscape for India's rapidly growing online consumer base.
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