Bancassurance: It is an agreement, in which a bank and an insurance company form a partnership so that the insurance company can sell its products to the bank’s client base. This partnership arrangement can be profitable for both companies. Banks can earn additional revenue by selling the insurance products, while insurance companies are able to expand their customer base without having to expand their sales forces or pay commissions to insurance agents or brokers.
- ICICI Lombard General Insurance has tied up with Catholic Syrian Bank (CSB) for sale of its products through 431 branches of the bank.
- Through the bancassurance tie-up, ICICI will able to offer General Insurance offers to the customers of CSB.
- Anand Krishnamurthy, MD and CEO of Catholic Syrian Bank told that they are now focusing on bringing Value-added and innovative products to their customers especially for the Small and Medium Enterprises (SME) and individual retail segments.
- He also even said that ICICI Lombard brings an excellent suite of products from which they believe that their clients can benefit.
ICICI Lombard General Insurance Company Limited :
- ICICI Lombard General Insurance Company Limited is a joint venture between ICICI Bank Limited–India’s second largest bank and Fairfax Financial Holdings Limited-Canada Based Financial services Company.
- It is founded in 2001 & headquartered in Mumbai, India.
- It has 221 branches spread across the nation.
- Managing Director & Chief Executive Officer of ICICI Lombard is Bhargav Dasgupta.
Catholic Syrian Bank (CSB):
- TheCatholic Syrian Bank Limited is a private bank with headquarters in Thissur district of Kerala, India.
- It was founded in 1920.
- This 94-year-old Kerala-based bank has 431 branches across 15 states and 4 union territories in India as on December 31, 2014.
- CEO of CSB is Mr. Anand Krishnamurthy.