AU Small Finance Bank (AU Bank) has entered into a strategic partnership with ICICI Prudential Life Insurance to offer need and goal-based life insurance solutions to the small finance bank’s customers.
Through this corporate agency arrangement, over 18 lakh customers of AU Bank across over 700 banking touchpoints in 13 States and 2 Union Territories, will have an easy access to the entire suite of protection and long-term savings products of ICICI Prudential Life.
These products will enable customers to provide financial security to themselves and their families and help them achieve their financial goals. Uttam Tibrewal, Executive Director, AU Small Finance Bank, said in a statement, “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. We 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. I am sure, the customer-friendly products of ICICI Prudential Life Insurance, combined with our extensive presence and robust technological capabilities, will be the right mix to increase insurance penetration. I look forward to the difference that we will make to people’s lives.”
Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said, “The integration of our digital platforms will ensure a smooth, quick, and virtually paperless on-boarding experience to customers. We believe that 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.”