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AU Small Finance Bank (AU SFB) has joined forces with United India Insurance Company (UIIC), aiming to enhance its insurance offerings.
This collaboration will enable AU SFB to provide its customers with a wide range of general insurance solutions including motor, personal accident, crop, property, shopkeeper and cyber incident insurance.
It aligns with AU SFB’s objective of becoming a ‘Forever Bank’ and offering comprehensive financial solutions across India.
The tie-up will leverage UIIC’s network, which spans more than 1,000 tier two and three locations, to complement AU SFB’s growing infrastructure and customer base.
With the bank’s recent application for a universal banking licence, AU SFB seeks to expand its bancassurance portfolio, aiming to serve more than ten million customers with technology-driven insurance solutions.
AU Small Finance Bank executive director and deputy CEO Uttam Tibrewal said: “The combined expertise of two strong entities will enable transparent and personalised banking solutions to AU SFB’s customers, nationwide. Our partnership is synergistic towards our efforts to achieve “Vanchit Ko Variyata”, by providing aptly priced and risk-underwritten product solution across retail and SME [small and medium-sized enterprises] segments.”
UIIC chairman and managing director Bhupesh Sushil Rahul and general manager H R Gangwal said: “This partnership will make our value-packed and innovative general insurance products available to a significantly larger customer base across the 2,414 touchpoints of AU SFB.
“Backed by top-tier, new-age services and a digital first approach, we are well placed to enable our customers in achieving their comprehensive Protection Goal aspirations.”
This partnership is indicative of a broader trend within the banking and insurance sectors, where collaborations are increasingly common.
Bajaj Allianz General Insurance recently partnered with HSBC India to distribute its insurance products through the bank’s 26 branches across 14 cities.
Similarly, in July, ICICI Lombard teamed up with Karnataka Bank to offer its insurance portfolio including motor, health and crop insurance to the bank’s client base of more than 13 million across 915 branches.
“AU Small Finance Bank enters alliance with United India Insurance Company ” was originally created and published by Life Insurance International, a GlobalData owned brand.
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