HDFC Ties Up with CARS24 Financial Services

HDFC Life has formed a Corporate Agency partnership with CARS24 Financial Services.

Bengaluru - HDFC Life., a life insurance provider, has formed a Corporate Agency partnership with CARS24 Financial Services Pvt. Ltd., a Non-Banking Financial Company registered with the Reserve Bank of India and with IRDAI as an Insurance Corporate Agent.

Through this partnership, CARS24 Financial Services will distribute HDFC Life’s products to existing and prospective customers. HDFC Life’s life insurance solutions will be made available across CARS24’s branch network and digital platforms. Both organizations aim to collaborate to expand the reach of life insurance to locations where CARS24 operates. This initiative aligns with the broader goal of achieving ‘Insurance for All by 2047’.

HDFC Life, offering 70 products (including individual and group solutions) with a claim settlement ratio of 99.50%, and CARS24, boasting a robust presence of over 280 branches nationwide, look forward to a strong and impactful partnership aimed at financially securing more Indians.

Mr. Vineet Arora, Chief Business Officer, Distribution, Data & technology at HDFC Life, said, “We are pleased to partner with CARS24 Financial Services Pvt. Ltd. Their focus on innovation and technology complements 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.”

Mr. 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.”