January 22, Mumbai (Maharashtra) [India]: One of the top life insurers in India, HDFC Life, has partnered with CARS24 Financial Services Pvt. Ltd. as a Corporate Agency.

A professionally run non-banking financial company (“NBFC”), CARS24 Financial Services Private Limited (“CARS24 Financial Services”) is registered as an insurance corporate agent with IRDAI and the Reserve Bank of India. The company provides clients with a range of auto finance options and is a member of the CARS24 group. A significant turning point for CARS24, INSURE24 is poised to revolutionize the digital insurance market for India’s quickly expanding online customer base.

Through this collaboration, CARS24 Financial Services Pvt. Ltd. will be able to provide HDFC Life products to both current and potential CARS24 clients. Both HDFC Life’s physical locations and the partner’s online platforms will provide its life insurance options. The goal of both parties’ collaboration is to expand the availability of life insurance in all areas where CARS24 is present. Consequently, this would help achieve the overarching goal of “Insurance for all by 2047.”

With 70 products (including individual and group products) and a 99.50% claim settlement ratio, HDFC Life and CARS24, which have 280 branches nationwide, anticipate a long and successful partnership that will be crucial to securing more Indians’ financial future.

Vineet Arora, HDFC Life’s Chief Business Officer for Distribution, Data, and Technology, discussed the collaboration, saying, “We are happy to work with CARS24 Financial Services Pvt. Ltd. Their emphasis on technology and innovation enhances our extensive product line, and by working together, we can reach a larger audience and provide them life insurance options. We think that every person with obligations needs life insurance. The cornerstone of creating a solid future for oneself and one’s family is financial stability. This collaboration with Cars24 Financial Services Pvt. Ltd. will bolster our endeavors to connect with people nationwide and provide them with financial security.”

Head of INSURE24 and Vice President of Consumer Finance at CARS24, Vikram Singh Pathania, was excited about the collaboration, stating, “We are thrilled to work with HDFC Life to advance our product offerings. Our goal of making insurance easy and affordable for all customers is well complemented by HDFC Life’s innovative tactics and deep comprehension of the digital environment.

“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.”