Shriram General Insurance has collaborated with Piramal Finance to widen the availability of insurance products in semi-urban and rural parts of India.
As part of the tie-up, Shriram General Insurance will offer its products through Piramal Finance’s branch network of 701 locations across 26 states and more than 13,000 pin codes.
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The move is expected to extend the insurer’s presence in smaller towns and rural markets.
The arrangement brings together SGI’s insurance portfolio and Piramal Finance’s customer reach and technology-led distribution system, with the aim of improving the availability and ease of access of insurance products.
Piramal Finance, an NBFC focused on retail lending, serves more than five million customers across the country. Its lending portfolio includes affordable housing, gold loans, microfinance, personal loans and small business credit.
Piramal Finance managing director and CEO Jairam Sridharan said insurance coverage is still low in many parts of the country, especially in smaller towns, and that there is demand for inclusive protection products.
He said insurance is not merely a financial product but a means to protect families and livelihoods from unforeseen events.
The partnership would take insurance products closer to customers through Piramal Finance’s branch network and field presence and would also support the company’s efforts to assist customers beyond their borrowing requirements.
Shriram General Insurance, a joint venture between the Shriram Group and South Africa’s Sanlam Group, offers products across motor, health, home, personal accident and corporate insurance.
Shriram General Insurance executive director and chief marketing officer Aftab Alvi said the alliance would add to the insurer’s distribution network and help it serve a wider set of customers, particularly in developing markets where awareness and coverage remain low.
He said the arrangement would support broader financial protection, improve awareness of insurance and add customer value, while also aligning with the company’s wider plan to increase insurance inclusion in India.
