Purpose of Partnership:
- To enhance the customer experience.
- To help the customers to plan for better financial security.
About the Partnership:
i.This corporate agency arrangement enables more than 18 lakh customers of AU Bank across over 700 banking touchpoints in 13 states and 2 Union Territories(UTs) will have access to the entire suite of customer-centric protection and long-term savings products of ICICI Prudential Life.
ii.13 States– Rajasthan, Madhya Pradesh, Gujarat, Maharashtra, Punjab, Haryana, Chhattisgarh, Delhi NCR, Himachal Pradesh, Uttar Pradesh, Karnataka, Goa, West Bengal
iii.2 UTs– Chandigarh and Jammu & Kashmir(J&K)
Financial Security & Financial Goals
These products enable customers to offer financial security to them and their families and also help them achieve their financial goals.
i.With this partnership, AU Small Finance Bank has added value to its existing range of products & services.
ii.This collaboration is expected to enable the bank to offer a well-rounded bouquet of financial savings and risk mitigation solutions to their customers.
iii.It also enables ICICI prudential to further reinforce its multi-channel distribution network in the semi-urban and rural geographies of India.
It is to be noted that Small Finance Banks play a major role to enhance financial inclusion and penetration of life insurance.
Recent Related News:
On November 23,2020 NSDL Payments Bank Limited, digital-first payments bank entered into partnership with HDFC ERGO General Insurance Company Limited to offer a customised, affordable and whole range of general insurance products to its customers through NSDL Jiffy, mobile banking application.
About AU Small Finance Bank:
It is a scheduled commercial bank and a Fortune India 500 Company
MD & CEO– Sanjay Agarwal
Tagline– ‘Chalo Aage Badhein’
HeadOffice– Jaipur, Rajasthan
Founded– 1996 (converted into Small Finance Bank in 2017).
About ICICI Prudential Life Insurance Ltd:
It is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited.
Commenced Operations– 2001
HeadOffice– Mumbai, Maharashtra
MD & CEO– N. S. Kannan