Bengaluru, August 14, 2024: ICICI Lombard General Insurance, India’s leading private general insurance company, has strengthened its strategic bancassurance partnership with seven financial institutions: Aye Finance, Bandhan Bank, Karnataka Bank, Muthoot Mini, Nivara Home Finance Pvt Ltd, NSDL Payment Bank and The Andhra Pradesh State Co-operative Bank.

These alliances highlight ICICI Lombard’s commitment to expand its distribution network and making insurance more accessible. By teaming up with these institutions, which collectively have over 4,000 branches, ICICI Lombard aims to bring more people under the insurance safety net.

ICICI Lombard now collaborates with over 200 + financial institutions spread across Universal Banks, Small Finance Banks, Payment Banks, Corporate Banks, NBFC, HFCS, MFI, Securities & Wealth Management Companies, significantly broadening its bancassurance network.

Further, the company’s approach focuses on customer segmentation, allowing for tailored product offerings that meet specific needs across various customer groups. This strategy is complemented by ICICI Lombard’s unique risk pricing model, which ensures competitive and fair pricing for different risk profiles.

“We are thrilled about the opportunities these partnerships bring,” said Mr. Anand Singhi, Chief of Retail and Government Business at ICICI Lombard., “By combining our expertise in product customization and risk assessment with our partners’ reach, we are making insurance more accessible and affordable for all. It’s about creating real impact in people’s lives across India.”

ICICI Lombard’s focus on innovation is evident in its digital initiatives. With 99.3% of policies issued electronically and over 10 million downloads of its mobile app, IL Take Care, the company is embracing a ‘phygital’ approach – blending physical and digital touchpoints to enhance customer experience. This customer-centric strategy has contributed to ICICI Lombard’s impressive growth, with bancassurance growing at 20.2% in FY2024 and the company achieving a market share of 8.6%.

The post ICICI Lombard Expands its Reach with 7 Bancassurance Partnerships appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

With Karnataka Bank’s expanding network and ICICI Lombard’s innovative, agile, and digital solutions, this partnership seeks to elevate the bank’s offerings significantly. The entire range of insurance products will now be accessible across Karnataka Bank’s 915 branches, reaching over 13 million customers nationwide. These customer-centric solutions aim to provide long-term financial security, underscoring both entities’ commitment to excellence through innovation and reliability.

Both the bank and the insurance company stand to benefit from this arrangement. While the bank earns a commission from the insurance company, the insurer gains from the distribution network of the bank. The Insurance Regulatory and Development Authority of India (IRDAI) had in 2022 widely opened the bancassurance channel for insurers as part of its overarching effort to increase insurance penetration in the country and achieve the long-term goal of ‘insurance for all’ by 2047, when the country will celebrate its golden jubilee of independence.

 Mr. Anand Singhi, Chief – Retail and Government Business at ICICI Lombard, said, “We are delighted to partner with Karnataka Bank to bring our specialized insurance solutions to a broader audience. This collaboration underscores our commitment to delivering customer-centric products that cater to diverse needs. Through our tech-enabled services, we aim to provide Karnataka Bank customers with comprehensive coverage for their health and assets, ensuring peace of mind and security in an ever-changing world.”

 Speaking on the occasion Shri. Sekhar Rao, Executive Director stated, “We are committed to enriching the financial and banking experience for our customers with ease and choice. Our collaboration with ICICI Lombard underscores this commitment and reinforces our efforts to offer best in class insurance solutions. Further Bank is embarking on digital insurance initiatives, which will empower the Bank’s customers to conveniently access and manage their insurance policies through digital platforms. This includes online policy purchase, real-time claims processing, and personalized insurance advisory services, ensuring a hassle-free experience”.

The post ICICI Lombard General Insurance and Karnataka Bank Limited Forge Strategic Bancassurance Partnership appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.