ICICI Lombard enters bancassurance tie-up with AU Small Finance Bank

5 Dec 2022 , 03:00 PM

ICICI Lombard General Insurance, India’s leading non-life insurance company, has formed a Bancassurance partnership with AU Small Finance Bank. The collaboration will give the bank’s diverse customers access to the insurer’s portfolio while also increasing penetration across India.

AU Bank is rapidly expanding its distribution footprints across India, and this collaboration between two industry goliaths will aim to further enhance its general insurance offering with agile, digital, and paperless solutions provided by ICICI Lombard. The entire product suite will be available through 980+ banking touchpoints spread across 20 states and two union territories.

Customers and their families will benefit from customer-centric products in the long run. With both organisations committed to providing the best possible service to their customers through innovation and consistency, this collaboration would provide customers with the best of both worlds.

The net worth of AU Small Finance Bank is Rs10,114 crore, the deposit base is Rs58,335 crore, and the gross advances are Rs52,452 crore.

For the fiscal year ended March 31, 2022, ICICI Lombard issued over 29.3 million policies, settled 2.3 million claims, and had a Gross Written Premium (GWP) of Rs18,562 crore. As of March 31, 2022, ICICI Lombard had 283 branches and 11,085 employees.

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