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ICICI Lombard inks bancassurance tie up with Yes Bank for selling insurance products

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ICICI (Industrial Credit and Investment Corporation of India) Lombard Insurance Company Ltd has entered into a Bancassurance tie-up with Yes Bank  to sell its insurance products. Through this agreement, ICICI Lombard aims to offer innovative insurance solutions to Yes Bank’s Customers  across 28 States and 8 Union Territories.

Bancassurance:
It is an arrangement between a Bank and an Insurance Company allowing the Insurance Company to sell its products to the Bank’s Client Base
i.Bancassurance encourages customers of banks to purchase insurance policies and helps in building better relationship with the bank
ii.If the number of insurance providers increase, people can expect better premium rates and better services from bancassurance as compared to the traditional insurance companies.
iii.Bancassurance is a French word.

Bancassurance companies in India:

  • State Bank of India Life  Insurance Company – State Bank of India (SBI)
  • LIC tie-up with Vijaya Bank, Oriental Bank of Commerce, Corporation Bank
  • Barclays – MetLife India
  • Axis Bank – MetLife India.

Recent Related News:
i.Flipkart-owned PhonePe announced that it has partnered with ICICI Bank on the Unified Payments Interface(UPI) multi-bank model, to provide its users the option to create and use multiple UPI IDs with ICICI Bank’s “@ibl” handle and YES Bank’s ‘@ybl’ handle on the PhonePe app.

About ICICI Lombard Insurance Company Ltd:
Chief  Executive Officer (CEO), Managing Director (MD) – Bhargav Dasgupta
Headquarters – Mumbai, Maharashtra

About YES Bank:
Chief  Executive Officer (CEO), Managing Director (MD) – Prashant Kumar
Headquarters – Mumbai