Mumbai-based software player and white-label ATM operator Vakrangee Ltd announced on Saturday (March 21) that it has entered into a corporate agency arrangement with Bajaj General Insurance Limited to distribute general insurance products across its network of Vakrangee Kendras. According to reports from CNBC TV18, the partnership will enable Vakrangee to offer a comprehensive range of general insurance products, including health, motor, home and travel insurance through its outlets across the country.
The partnership will leverage Vakrangee's widespread Kendra network to expand access to insurance services, particularly in rural, semi-urban and underpenetrated regions. As reported by CNBC TV18, Vakrangee Kendras will cater to customers across retail, rural, SME and corporate segments, enabling broader reach for insurance offerings and improving last-mile service delivery. Bajaj General Insurance Ltd, formerly known as Bajaj Allianz General Insurance Company Ltd, will provide a suite of insurance products under the arrangement.
Vedant Nandwana, Managing Director of Vakrangee Ltd, expressed satisfaction with the collaboration, stating that the company is pleased to collaborate with Bajaj General Insurance Company Limited, a well-established player in the general insurance industry. According to CNBC TV18, Nandwana emphasized that this strategic engagement reinforces efforts to deepen the reach of essential financial services across India. The company aims to bridge the accessibility gap and enable millions of customers, especially in rural and remote locations, to avail a wide range of general insurance solutions in a seamless manner.
Vakrangee Kendras operate as exclusive branded outlets providing an integrated suite of services, including banking, insurance, ATM services, assisted e-commerce, e-governance, and healthcare solutions. As reported by CNBC TV18, this comprehensive service model positions the company well for the expanded insurance distribution role under the new partnership agreement.
Shares of Vakrangee Limited ended at ₹5.71, down by ₹0.100, or 1.72%, on the BSE following the announcement. According to CNBC TV18, this represents a decline in the stock price on the day of the partnership announcement, though the market reaction was not directly attributed to the insurance distribution agreement.
