back Back

BANKIT joins LIC & SBI to expand Insurance Services to Rural India

By Gloria Mathias

October 20, 2023

  • Bill Payments
  • Digital InsurTech

BANKIT, SBI, SBI Life Insurance, LIC, Life Insurance Corporation, Insurance Services, Insurance SolutionsBANKIT, an India-based FinTech, has signed a corporate agency partnership with LIC (Life Insurance Corporation of India) and SBI General Insurance.

This landmark collaboration is poised to revolutionise the way insurance services are delivered in the remotest corners of the country. BANKIT’s partnership with LIC and SBI General Insurance comes with two facets.

Firstly, it will directly impact the income streams for BANKIT agents. Agents will now offer their customers a wide range of insurance services, including life insurance and general insurance policies. This diversification of services will increase the income of agents and empower them to become comprehensive financial service providers in their communities.

Secondly, millions of people in rural and unbanked areas have long been deprived of convenient access to insurance services. This collaboration will bridge that gap by bringing essential insurance coverage to their doorstep.

“We are confident that our collaboration with LIC and SBI General Insurance will be a game-changer in the FinTech and insurance sectors,” said Amit Nigam, Executive Director & COOHe further added, “By combining our extensive agent network with the trusted brand names of LIC and SBI General Insurance, we are not only increasing financial inclusion but also improving the quality of life for countless individuals. This partnership aligns perfectly with our mission to empower the underserved and transform rural India into a financially resilient and prosperous community”.

Through a vast network of BANKIT Agents, these entrepreneurs have offered essential digital banking, financial, and payment services to previously underserved populations.

BANKIT is an assisted B2B2C startup company that seeks to help citizens experience the easiest, fastest, and safest digital payment platform. BANKIT provides instant and hassle-free service delivery for banking and financial services like domestic money transfers, AePS and MiniATM cash withdrawals and prepaid cards, insurance, recharges, bill payments, and travel and stay bookings.

Previous Article

October 20, 2023

The Money Club launches ‘Vrddi’ a financial well-being product for corporates

Read More
Next Article

October 20, 2023

e& money and Ericsson partner to boost UAE mobile money service

Read More

IBSi Daily News Analysis

UAE, money transfer

June 14, 2024


Digital remittances surge as key lifeline amid global economic challenges, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 13, 2024

Fin+InsureTech Finsall raises $1.7m in Bridge Round led by Unicorn India Ventures & Seafund

Read More

June 12, 2024

5 RegTechs enhancing compliance for India’s BFSI sector

Read More

June 11, 2024

Mbank & team up to streamline insurance solutions

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023