Customers across partner branches benefit from affordable insurance solutions
FinTech BizNews Service
Mumbai, 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 bringt"; 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%.
