Partnership will enable ICICI Prudential Life Insurance to serve the large and growing customer base of the bank
FinTech BizNews Service
Mumbai, December 13, 2023: ICICI Prudential Life Insurance and Ujjivan Small Finance Bank (Ujjivan SFB), a leading small finance bank, have entered into a bancassurance partnership for the distribution of life insurance products.
Under the partnership, Ujjivan SFB, will offer the entire suite of ICICI Prudential Life’s customer-friendly protection, long-term savings and retirement products to its customers through its extensive network of 700+ branches across 26 states and Union Territories. Life insurance is a critical component of any financial plan and therefore ICICI Prudential Life has developed a suite of products to suit the various life-stage requirements of customers.
The protection products can act as income replacement in case of loss of the primary breadwinner. Long-term savings products will aid customers in building a savings pool or creating a supplementary source of income and achieving financial goals. Retirement planning products will ensure customers receive guaranteed life-long income to lead financially independent retired lives.
On the pure protection platform, ICICI Pru iProtect Smart and ICICI Pru iProtect Return of Premium will be available, whereas customers will be able to conveniently purchase ICICI Pru GIFT Pro, ICICI Pru Gold and ICICI Pru Signature to name a few, are products which enable building a savings pool over the long-term. Besides, ICICI Pru Guaranteed Pension Plan Flexi will aid Ujjivan SFB customers to systematically plan for their retirement.
Mr. Ittira Davis, MD & CEO, Ujjivan Small Finance Bank, said, “We are delighted to announce our partnership with ICICI Prudential Life, a leading life insurance company in India. Our aim is to increase access to insurance solutions for the aspiring middle-class, enabling them to secure their financial future. Our wide network, combined with the comprehensive solutions of ICICI Prudential Life will help in bridging the demand gap for insurance services, and further strengthen our position in offering insurance solutions for our customers.”
Mr. Anup Bagchi, Managing Director & CEO, ICICI Prudential Life Insurance said, “We are delighted to partner with Ujjivan Small Finance Bank, and this partnership will help us fulfil the life insurance needs of the bank’s customers. Our suite of customer-friendly products complements Ujjivan Small Finance Bank’s offerings and will enable its customers to achieve their long-term financial goals.
Life insurance plays a vital role in society by providing financial security to families. To achieve our goal of right product to the right customer at the right price we have introduced the ICICI Pru Stack, a suite of digital capabilities. This enables our distribution partners with customer segmentation, lead generation, better understanding of customer needs, appropriate product propositions and offers a delightful end-to-end digital fulfilment journey leading to increased efficiency and productivity.
The ICICI Pru Stack enables sharp customer segmentation and has made it possible for us to extend Term By Invite (term insurance products) and Insurance By Invite (long-term saving products) offers to customers. Significantly, the stack provides customers with a virtually paperless buying journey, and we can now issue policies on the same day for the saving line of business.
Small finance banks, such as Ujjivan Small Finance Bank, play an important role in increasing the penetration of life insurance in the country. By expanding the availability of life insurance products small finance banks can empower individuals and families with financial security.”
