AU Small Finance Bank and ICICI Prudential Life Insurance Announce Strategic Partnership

MUMBAI:
AU Small Finance Bank (AU Bank), a scheduled commercial bank and one of the largest small finance banks in the country, today, announced a partnership with ICICI Prudential Life Insurance, one of the top private life insurance companies, to offer need and goal-based life insurance solutions.

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 an 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.

Speaking on the occasion, 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.”

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 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.”

AU Bank customers based 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.