Shriram General Insurance partners with Piramal Finance to expand rural reach
The collaboration between Shriram General Insurance and Piramal Finance aims to deepen financial inclusion across India by distributing insurance products through a wide-reaching lending network.
Shriram General Insurance has entered into a strategic collaboration with Piramal Finance to distribute its insurance products through the latter’s extensive branch network. The partnership utilises Piramal Finance’s presence across 701 branches in 26 states and more than 13,000 pin codes, aiming to extend insurance availability to semi-urban and rural areas of India.
The agreement links Shriram General Insurance’s product portfolio with Piramal Finance’s technology-led distribution system and a customer base exceeding five million. Piramal Finance, a non-banking financial company focused on retail lending, holds a portfolio that includes affordable housing, gold loans, microfinance, personal loans, and small business credit.
Jairam Sridharan, managing director and chief executive of Piramal Finance, noted that insurance coverage remains low in many parts of the country, particularly in smaller towns. He stated there is significant demand for inclusive protection products and described insurance as a vital tool for safeguarding families and livelihoods against unforeseen events.
Aftab Alvi, executive director and chief marketing officer of Shriram General Insurance, said the alliance would enhance the insurer’s distribution network and support broader financial protection and awareness. Shriram General Insurance is a joint venture between the Shriram Group and South Africa’s Sanlam Group, offering motor, health, home, personal accident, and corporate insurance.
The source material does not specify the duration of the partnership or any financial terms of the agreement. It is also unclear whether this arrangement involves exclusive distribution rights or if Shriram General Insurance continues to utilise other channels simultaneously.
The information was originally published by Life Insurance International, a GlobalData owned brand, and is provided for general informational purposes only.
