AU Small Finance Financial institution (AU SFB) has joined forces with United India Insurance coverage Firm (UIIC), aiming to reinforce its insurance coverage choices.
This collaboration will allow AU SFB to offer its prospects with a variety of normal insurance coverage options together with motor, private accident, crop, property, shopkeeper and cyber incident insurance coverage.
It aligns with AU SFB’s goal of turning into a ‘Without end Financial institution’ and providing complete monetary options throughout India.
The tie-up will leverage UIIC’s community, which spans greater than 1,000 tier two and three areas, to enhance AU SFB’s rising infrastructure and buyer base.
With the financial institution’s latest utility for a common banking licence, AU SFB seeks to broaden its bancassurance portfolio, aiming to serve greater than ten million prospects with technology-driven insurance coverage options.
AU Small Finance Financial institution govt director and deputy CEO Uttam Tibrewal mentioned: “The mixed experience of two robust entities will allow clear and personalised banking options to AU SFB’s prospects, nationwide. Our partnership is synergistic in direction of our efforts to realize “Vanchit Ko Variyata”, by offering aptly priced and risk-underwritten product answer throughout retail and SME [small and medium-sized enterprises] segments.”
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UIIC chairman and managing director Bhupesh Sushil Rahul and normal supervisor H R Gangwal mentioned: “This partnership will make our value-packed and modern normal insurance coverage merchandise accessible to a considerably bigger buyer base throughout the two,414 touchpoints of AU SFB.
“Backed by top-tier, new-age companies and a digital first method, we’re effectively positioned to allow our prospects in reaching their complete Safety Objective aspirations.”
This partnership is indicative of a broader development inside the banking and insurance coverage sectors, the place collaborations are more and more widespread.
Bajaj Allianz Normal Insurance coverage lately partnered with HSBC India to distribute its insurance coverage merchandise by the financial institution’s 26 branches throughout 14 cities.
Equally, in July, ICICI Lombard teamed up with Karnataka Financial institution to supply its insurance coverage portfolio together with motor, well being and crop insurance coverage to the financial institution’s shopper base of greater than 13 million throughout 915 branches.
