ICICI Prudential Life Insurance, RBL Bank forge bancassurance partnership

ICICI Prudential Life Insurance has forged a bancassurance partnership with Indian private lender RBL Bank (formerly Ratnakar Bank) to provide a range of life insurance products to the latter’s customers.

The bancassurance deal will give more than 8.7 million customers of RBL Bank to access and buy customer-centric protection and long-term savings products of ICICI Prudential Life Insurance.

ICICI Prudential Life’s products will be distributed by RBL Bank via its network of 398 branches across 28 Indian states in addition to its internet and mobile banking touch-points.

According to the Indian life insurance company, the bancassurance partnership will extend and further bolster its multi-channel distribution network.

ICICI Prudential Life Insurance, RBL Bank forge bancassurance partnership. Photo courtesy of Albert_Deccan/Wikimedia Commons

N S Kannan – ICICI Prudential Life Insurance Managing Director and CEO said: “Besides the common philosophy of customer-centricity, both partners have been leveraging technology to provide customers a seamless digital fulfilment journey and superior customer experience.

“There is a growing awareness among consumers about protection and the need to financially secure self and family following the pandemic. We believe our array of protection and long-term savings products will complement RBL Bank’s offerings and enable their customers to develop a robust financial plan.”

RBL Bank’s customers can access the entire bouquet of insurance plans on the protection and savings platform of ICICI Prudential Life.

The insurer’s protection products are said to give a strong base for a financial plan and the diversified range of long-term savings products to help the customers of RBL Bank meet their financial ambitions.

Vishwavir Ahuja – RBL Bank MD and CEO said: “As a bank, we are constantly focused on serving the evolving needs of our customers and ensuring that they have a holistic service experience.

“This collaboration empowers our customers to choose from a comprehensive suite of products and plan for a financially secure future. With our strong distribution reach and digital platforms, we will be able to offer these products instantly to all our customer segments across India.”