HDFC ERGO partners NSDL Payments Bank to offer customised insurance solutions

| 25 Nov 2020

HDFC ERGO General Insurance Company, India's private sector general insurance company, and NSDL Payments Bank Limited, subsidiary of National Securities Depository Ltd (NSDL), announced their partnership to offer a whole range of general insurance products to the bank's customers. The partnership aims to bring together the deep distribution network of NSDL Payments Bank and the strong innovation pipeline of HDFC ERGO to contribute towards financial inclusion in the country.

In addition, the partnership will enable the customers of NSDL Payments Bank to access comprehensive protection solutions under one roof and ensure complete financial security, thereby making it a boon for their customers.

Customers will reap the benefits of sophisticated digital capabilities offered by NSDL Payments Bank and HDFC ERGO through self-service and assisted channels, thereby creating a one-stop-shop for all banking and financial services.

Insurance penetration continues to be low in India, but the current pandemic has accelerated its need; especially for health insurance.

Ankur Bahorey, President, Bancassurance of HDFC ERGO General Insurance, said, “We are excited to tie-up with NSDL Payments Bank and support their customers in availing our wide range of health insurance covers.

“We are confident that a seamless digital sales platform will provide a smooth buying experience to the bank customers. Through this partnership, HDFC ERGO is yet again enforcing our commitment of reaching out to customers and making our products available to all possible sections of the society.”

Ashutosh Singh, CEO of NSDL Payments Bank, said, “Investing in one’s health has always been important but this realization has been amplified in the last 6 months. Our association with HDFC ERGO will help us move in the direction of offering a comprehensive product portfolio for our customers highlighting the importance of holistic health and wealth plans. Also, as more than 75% of our base is below the age of 30, we are excited to introduce them to right asset allocation strategies from an early age.

“Towards that end our partnership with HFDC ERGO assumes a lot of significance and is an important milestone in our continued journey to offer wholesome solutions to our customers.”

The association will further help HDFC ERGO build insurance awareness amongst the masses through NSDL Payments Bank’s wide customer base.

A digital-first payments bank, NSDL Payments Bank, will offer affordable and customized insurance solutions to its customers through NSDL Jiffy – mobile banking application.

HDFC ERGO General Insurance Company is a 51:49 joint venture between the Housing Development Finance Corporation (HDFC), India’s premier housing finance institution and ERGO Group AG, the primary insurance entity of the Munich Re Group of Germany. HDFC ERGO offers a complete range of general insurance products including motor, health, home, agriculture, travel, credit, cyber and personal accident in the retail space and property, marine, engineering, marine cargo, group health and liability insurance in the corporate space.

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