AU Small Finance Bank, ICICI Lombard announce Bancassurance tie-up

The partnership will provide the bank's diverse customers access to the insurer's portfolio and enhance penetration across India.

AU Small Finance Bank, India's leading small finance bank, on Monday (5 December 2022) entered into a Bancassurance tie-up with ICICI Lombard General Insurance.

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

Sanjeev Mantri, executive director, ICICI Lombard said, "At ICICI Lombard, we are constantly striving to reach out to consumers and businesses to provide them with effective risk management solutions based on their evolving needs. We are delighted to collaborate with AU Small Finance Bank to offer an entire scope of financial propositions to deepen our customer relationships. This will only improve our resourcefulness to boost services through value-enhancing offerings. The technology-driven and customer-centric approach of both partners make this collaboration an ideal alliance between two brands, which eventually paves the way for organised customer-centric growth."

Uttam Tibrewal, executive director, AU Small Finance Bank, said, "AU Small Finance Bank always prides in providing customer centric solutions and services. Expanding our bouquet of financial services and customer value proposition, we wanted to associate with additional general insurance partner to add value to our existing range of products & services while helping our customers plan for better financial security. 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. I am sure, the customer-friendly products of ICICI Lombard, combined with our extensive presence and robust technological capabilities, will be the right mix to increase insurance penetration."

AU Small Finance Bank is a scheduled commercial bank, a Fortune India 500 Company, and the largest small finance bank in the country.

ICICI Lombard is one of the leading general insurance companies and the leading motor insurer in the country.

Shares of AU Small Finance Bank rose 0.35% to Rs 650.80 while shares of ICICI Lombard fell 1.52% to Rs 1219.90 on Monday.

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