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Capital Small Finance Bank (CSFB), a small finance bank, has forged a bancassurance tie-up with ICICI Lombard General Insurance Company Ltd.(ICICI Lombard), a private general insurer.
Through this collaboration, CSFB will leverage its network and customer base to distribute ICICI Lombard’s suite of general insurance products, including health, motor, home, travel and rural insurance.
Currently, CSFB has 177 branches spread over 5 States and 1 Union Territory.
Bancassurance is an insurance distribution model where insurance companies partner with banks to sell policies. Both the bank and insurance companies get to benefit from this arrangement. While the bank earns a commission from the insurance company, the insurer gains from the distribution network of the bank.
Commenting on the partnership, Anand Singhi, Chief- Retail and Government, ICICI Lombard, said, “Our alliance with Capital Small Finance Bank is a strategic move to further expand our reach especially with the bank being deeply entrenched in Northern India.
This partnership will empower the bank’s customers to be adequately risk covered and access our wide suite of innovative and tech-driven insurance solutions.”
Sarvjit Singh Samra, MD and CEO, Capital Small Finance Bank said, “As we embark on this strategic alliance with ICICI Lombard, we are excited about the opportunities it presents for our customers. This tie-up aligns with our commitment to offering comprehensive financial solutions tailored to the evolving needs of our clients.”
This tie-up will enable ICICI Lombard to serve a large cohort of customers by providing access to customised and innovative insurance solutions.
Samra said this tie-up is a further step to become the primary banker for middle-income group (MIG) customers, driving both business expansion and revenue growth.
“Through this partnership, we aim to enhance accessibility to quality insurance products while reinforcing our position as a trusted financial partner in empowering businesses and individuals alike,” Samra added.
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