ICICI Lombard and AU Small Finance Bank to enter into Bancassurance tie-up

The customer centric products will provide long-term financial security to customers and their families.

FPJ Web DeskUpdated: Monday, December 05, 2022, 01:15 PM IST
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ICICI Lombard General Insurance, is entering into a Bancassurance tie-up with AU Small Finance Bank. The partnership will provide the bank’s diverse customers access to the insurer’s portfolio and enhance penetration across India.

AU Bank is rapidly expanding its distribution footprints across India, and this tie-up between two giants in their respective industries will aim to further enrich its general insurance offering with agile, digital, and paperless solutions offered by ICICI Lombard.

What will the tie-up offer users?

The entire suite of products will be offered across 980+ banking touchpoints spread over 20 states and 2 union territories. The customer centric products will provide long-term financial security to customers and their families. With both organisations believing in offering the best to the customers through innovation and consistency, this partnership would offer customers the best of both worlds.

Speaking about the partnership, Mr. Sanjeev Mantri, Executive Director, of ICICI Lombard, said, “This partnership will help further strengthen our distribution and unravel growth opportunities through the bank’s wide network. With our extensive range of customised solutions for risk management, we are confident that we will be able to address varied customer segments across India.”

Highlighting the key aspects of this strategic partnership, Mr. Uttam Tibrewal, Executive Director, AU Small Finance Bank, said, “AU Small Finance Bank always takes pride in providing customer centric solutions and services. We welcome ICICI Lombard as our valued insurance partner who, we believe, has the ability and experience to understand customers’ needs and offer them customised need-based solutions and provide seamless services.”

AU Small Finance Bank

AU Small Finance Bank Limited (AU Bank) is a scheduled commercial bank with a deep understanding of the rural and semi-urban markets that has enabled it build robust business model facilitating inclusive growth. The Bank has a net worth of Rs. 10,114 Crore, deposit base of Rs 58,335 Crore and Gross Advances of Rs 52,452 Crore.

ICICI Lombard

ICICI Lombard is one of the leading general insurance companies and the leading motor insurer in the country. The Company offers a comprehensive and welldiversified range of products through multiple distribution channels, including motor, health, crop, fire, personal accident, marine, engineering, and liability insurance. The Company has issued over 29.3 million policies, settled 2.3 million claims and has a Gross Written Premium (GWP) of Rs 185.62 billion for the year ended March 31, 2022. ICICI Lombard has 283 branches and 11,085 employees as on March 31, 2022.

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