HDFC Life has recently announced a strategic corporate agency tie-up with Peerless Financial Products Distribution Ltd. (PFPDL). This collaboration aims to amplify HDFC Life’s presence, particularly in Tier 2 and Tier 3 cities, leveraging PFPDL’s extensive network spanning 42 locations.
PFPDL, a subsidiary of Peerless General Finance & Investment Co. Ltd (PGFI), boasts a significant foothold in East India with 40 branches and a diverse customer base. Through this partnership, PFPDL will now offer HDFC Life’s life insurance products, bolstering financial protection for its customers. This move comes at a crucial time as India grapples with low life insurance penetration rates, highlighting the pressing need for financial security among the populace. Satyaki Bhattacharya, Managing Director & CEO of Peerless Financial Products Distribution Ltd., expressed enthusiasm about the collaboration, emphasizing their shared commitment to securing families financially. He highlighted the synergy between Peerless Group’s customer-centric ethos and HDFC Life’s reputable brand, foreseeing a robust distribution network reaching beyond Tier 2 cities.
Suresh Badami, Deputy Managing Director of HDFC Life, echoed Bhattacharya’s sentiments, citing the partnership as a pivotal step towards realizing India’s vision of ‘Insurance for All’ by 2047. He emphasized HDFC Life’s dedication to leveraging its distribution prowess to extend insurance solutions to PFPDL’s extensive customer base, thereby enriching the partnership.In FY 2024, HDFC Life has already safeguarded over 66 million lives, boasting an impressive claim settlement ratio of 99.7%. With this latest collaboration, the company aims to further fortify its position in the eastern region and expand its outreach nationwide.
