Shriram General Insurance (SGI) has entered a corporate agency partnership with NBFC SK Finance, making its general insurance products available through SK Finance’s network of over 700 branches. The tie-up aims to improve insurance access in rural and semi-urban markets, with SGI continuing to handle all claims and policy servicing directly.
Shriram General Insurance has struck a new distribution deal with SK Finance Limited, an NBFC that finances commercial vehicles, tractors, construction equipment and secured business loans. Announced on 8 September 2026, the corporate agency partnership puts SGI’s general insurance products in front of customers at SK Finance’s branches, alongside its existing lending business.
What the Partnership Covers
Under the agreement, SGI will offer its general insurance portfolio through SK Finance’s network of more than 700 branches and other designated distribution channels. This includes:
- Motor insurance
- Home insurance
- Personal accident cover
- Health insurance
The arrangement follows a standard corporate agency structure. SK Finance acts as the point of access for customers, while SGI stays fully responsible for underwriting, claims and servicing through its own existing processes.
Why Rural and Semi-Urban Reach Is the Focus
Both companies framed the deal around insurance penetration in underserved markets. Rajendra Kumar Setia, Managing Director and CEO of SK Finance, said: “Insurance is an important enabler of financial resilience for customers in rural and semi-urban markets.”
He described the tie-up as a way to make cover more accessible and better integrated with SK Finance’s existing financing ecosystem, pointing to the company’s presence across emerging markets and its investment in technology as reasons it’s positioned to bring insurance closer to customers.
Aftab Alvi, Executive Director and CMO at Shriram General Insurance, said “The partnership strengthens SGI’s distribution capabilities and extends its reach to a wider customer base”, combining the insurer’s experience in general insurance with SK Finance’s market presence.
Distribution and Claims Stay Separate
It’s worth being clear about how the roles split, since that’s the actual substance of the deal:
- SK Finance’s branches become an additional place customers can access SGI’s insurance products.
- SGI remains the underwriter for every policy sold through this channel, so claims and servicing don’t shift to SK Finance at any point.
- Existing SGI policyholders aren’t affected by changes to claims and servicing. The partnership adds another distribution channel through SK Finance’s network.
Distributor or Insurer? Know the DifferenceWhether you’re offered a policy through a bank, an NBFC, or an app, it helps to know who’s underwriting it. With MyRupia, you can book a free consultation and get clarity on any policy before you sign up, so you know exactly who’s on the hook if you need to make a claim. |
Also Read: Bima Sugam vs Agent vs Aggregator: Which Is Better for Buying Insurance?
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