AU Small Finance Bank had declared a strategic partnership with the country’s leading private life insurance company ICICI Prudential Life Insurance for providing need-based life insurance solutions. By this move, the bank aims to provide secure, paperless and hassle-free life insurance to the customers.
The strategic partnership will benefit almost 1.8 million customers through the digital platforms across 700 banking touchpoints in 2 Union territories and 13 states of the country. AU Bank expressed that the products will enable customers to achieve their financial goals by providing financial security to themselves and their families. The bank expressed that the partnership will enrich its life insurance with an accelerated, agile, paperless and digital platform offered by ICICI.
The executive director of AU Small Finance Bank, Uttam Tibrewal stated that customer-centricity is the core Dharma of the bank and the bank has always worked with it. The bank wanted to associate with an additional life insurance partner for expanding the bouquet of financial services and customer value proposition and thereby adding value to the existing range of products & services. The bank is looking forward to offering a well-rounded financial plan to the customers.
Amit Palta, Chief Distribution Officer ICICI Prudential Life Insurance stated that for enhancing the financial inclusion and penetration of the life insurance small finance banks have to play a pivotal role. ICICI Prudential will strengthen multi-channel distribution network in the semi-urban and rural geographies of the country with the partnership will AU Bank. He added that the customers will get the quick, smooth and virtual paperless on-boarding experience by the integration of digital platforms.
ICICI Prudential Life Insurance Company stated on December 11 that the company is crossed Rs 2 lakh crores in its assets under management (AUM) as it entered its 20th year. The total sum assured stood at Rs 18.06 lakh crores as of September 2020. The life insurance arm is a joint venture between ICICI Bank and Prudential Corporation Holdings Limited and was established in 2001.
