ICICI Lombard announces bancassurance partners with AU SFB

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 ₹185.62 billion in FY22. ICICI Lombard has 283 branches and 11,085 employees as on March 31, 2022.