Credit and finance for MSMEs: ICICI Lombard General Insurance on Monday announced a bancassurance partnership with scheduled commercial bank AU Small Finance Bank to provide its customers access to the insurer’s portfolio and enhance penetration across India. Bancassurance is referred to insurance products of an insurance company sold to its customers through banks with a tie-up between banks and the insurance company.
ICICI Lombard said its general insurance’s suite of products will be offered across over 980 banking touchpoints of AU Small Finance Bank spread over 20 states and two union territories. “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,” said a statement by ICICI Lombard.
Sanjeev Mantri, Executive Director, ICICI Lombard said the partnership will help further strengthen its 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.” 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 in FY22. ICICI Lombard has 283 branches and 11,085 employees as on March 31, 2022.
Highlighting the partnership, Uttam Tibrewal, Executive Director, AU Small Finance Bank, said expanding the bank’s bouquet of financial services and customer value proposition, it wanted to associate with additional general insurance partner to add value to its existing range of products 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 customized need-based solutions and provide seamless services.”
Launched in April 2017, AU Small Finance 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.