Private sector general insurer ICICI Lombard General Insurance Company Ltd on Monday said it has entered into a bancassurance tie-up with Yes Bank for selling its insurance products.
“The partnership will provide the bank’s diverse customer base access to the insurer’s portfolio and make insurance more accessible to its customers across India," ICICI Lombard General Insurance Company said.
Bancassurance is an agreement between a bank and an insurer to sell its offerings to the lender’s customers. Through this tie-up, ICICI Lombard aims to offer innovative insurance solutions to Yes Bank’s customers across 28 states and eight union territories.
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Commenting on the partnership, Sanjeev Mantri, executive director, ICICI Lombard said, “We are delighted to partner with Yes Bank and serve their esteemed customers across the country. Given the progressive and technology-oriented approach of both partners, this collaboration is an ideal synergy between the two brands and value adding to Yes Bank customers."
Rajan Pental, global head for retail banking at Yes Bank, said the “We believe that our customers will derive greater value from comprehensive insurance solutions offered.
"We are confident that the Bank’s technology and branch network strength, combined with the innovative product offerings and market reputation of ICICI Lombard will support our customers fulfill their non-life insurance needs. The tie-up is an important milestone and we remain committed to creating a differentiated customer experience," he added.
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ICICI Lombard General Insurance is the largest private sector non-life insurer in India based on gross direct premium income in fiscal 2020.
Background and Overview
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