AU Small Finance Bank, ICICI Prudential Life Insurance sign bancassurance deal

AU Small Finance Bank (AU Bank), a scheduled commercial bank in India, has entered into a bancassurance deal with ICICI Prudential Life Insurance to provide life insurance solutions to its customers based on their requirements and goals.

The partnership with the private life insurance company is expected to help AU Small Finance Bank offer paperless, secure, and hassle-free life insurance solutions to more than 18 lakh customers across 700 plus banking touchpoints in 13 states and two union territories in India.

Uttam Tibrewal – Executive Director of AU Small Finance Bank said: “Expanding our bouquet of financial services and customer value proposition, we wanted to associate with an additional life insurance partner to add value to our existing range of products & services while helping our customers to plan for better financial security.

“We hereby welcome ICICI Prudential Life Insurance 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.”

AU Small Finance Bank, ICICI Prudential Life Insurance sign bancassurance deal

ICICI Prudential Life Insurance, which is promoted by ICICI Bank and Prudential Corporation, provides a range of products in the protection and savings segment.

According to the Indian life insurance company, its digital platform offers a paperless onboarding experience to customers. It enables them to carry out a range of self-service transactions, while giving a convenient route for making digital payments for buying and making renewal premium payments, and also facilitating a claims settlement process that is free from hassles.

Amit Palta – Chief Distribution Officer at ICICI Prudential Life Insurance said: “The integration of digital platforms will ensure a smooth quick, and virtually paperless on-boarding experience to customers.

“We believe, this mutually beneficial partnership will enable AU Small Finance Bank to offer a well-rounded bouquet of financial savings and risk mitigation solutions to their customers. At the same time, it will enable us to further strengthen our multi-channel distribution network in the semi-urban and rural geographies of the country. Small finance banks play a pivotal role in enhancing financial inclusion and penetration of life insurance.”

Earlier this month, ICICI Prudential Life Insurance signed a bancassurance deal with Indian private lender RBL Bank (formerly Ratnakar Bank) to offer a range of life insurance products to the latter’s customers.