AU Small Finance Bank ties up with ICICI Prudential to offer life insurance solutions

AU Small Finance Bank (AU Bank) on December 28, 2020, announced a partnership with country's leading private life insurance company ICICI Prudential Life Insurance to offer need and goal-based life insurance solutions.

AU Small Finance Bank is a scheduled commercial bank and one of the largest small finance banks in the country, while ICICI Prudential Life Insurance is one of the top private life insurance companies.

In a regulatory filing, ICICI Bank said, "AU Small Finance Bank and ICICI Prudential Life Insurance announce strategic partnership to offer life insurance solutions to enhance the customer experience."

It further said, AU Bank is rapidly expanding its distribution footprints across India and this tie-up between the two leading companies will further enrich its life insurance offering with an agile, accelerated, digital and paperless platform offered by ICICI Prudential Life.

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 easy access to the entire suite of customer-centric 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.

Mr. Uttam Tibrewal, Executive Director, AU Small Finance Bank, said, "AU Bank has always worked with the core Dharma of 'customer-centricity'. 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. 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."

Mr. Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said, "We are delighted to partner with AU Small Finance Bank, one of the most trusted small finance banks in the country. The integration of digital platforms will ensure a smooth, quick, and virtually paperless onboarding 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."

AU Bank which has its customers across Rajasthan, Madhya Pradesh, Gujarat, Maharashtra, Punjab, Haryana, Chhattisgarh, Delhi NCR, Himachal Pradesh, Uttar Pradesh, Karnataka, Goa, West Bengal and the Union Territories of Chandigarh and J&K will be able to provide financial security to their families by building a well-rounded financial plan.

Earlier, ICICI Prudential Life Insurance Company said on December 11, 2020, that its assets under management (AUM) have crossed Rs 2 lakh crore as it entered its 20th year. As of September 2020, its total sum assured stood at Rs 18.06 lakh crore.