Karur Vysya Bank, Kshema General To Provide Dual-Benefit Insurance To Agricultural Groups

Karur Vysya Bank and Kshema General Insurance Ltd. announced a bancassurance alliance on Wednesday, according to a press release issued on Wednesday. The two entities' planned collaboration is to offer a "specially designed" dual-benefit insurance scheme they named 'Kshema Kisan Sathi' to rural and agricultural groups.

The release cited KVB's prominence in the financial intermediation area combined with its customer-first approach as its strengths that would help launch the investment scheme.

“As a bank deeply embedded in India's rural landscape, we understand the challenges our customers face in their day-to-day lives. With Kshema Kisan Sathi, we are not just offering an insurance product; we are delivering peace of mind. This partnership reflects our commitment to build meaningful financial ecosystems that support sustainable livelihoods. It is aligned with our long-term vision to create a resilient, secure, and self-reliant rural economy through inclusive banking and value-added offerings,”  said Ramesh Babu, managing director and chief executive officer of Karur Vysya Bank.

The alliance combines KVB's notable presence in the rural and semi-urban banking sector and Kshema General's technologically driven approach to insurance solutions to provide holistic insurance coverage.

Kshema General is noted for utilising tech features such as AI-powered risk assessment, satellite imaging, and real-time data modelling to create "proactive and predictive" insurance schemes.

The company's technology platform facilitates precision underwriting and claims management to provide speed, transparency, and personalisation to rural consumers. 

“This pioneering bancassurance product offers dual protection of livelihood and family by combining crop insurance and personal accident insurance for valued customers of KVB. Kshema Kisan Sathi was designed to achieve the twin objectives of enabling financial security, stability, and self-sufficiency for millions of rural families and agri-entrepreneurs while boosting rural economy. This exclusive product is the keystone in Kshema's plan of building a data-driven rural ecosystem intelligence using financial and insurance insights while deploying tech-forward innovations like satellite imaging to build predictive, preventive, and proactive solutions,” said Natraj Nukala, chairman of Kshema General Insurance.