Bengaluru, July 29, 2024: ICICI Lombard, India’s leading private General Insurance Company, announces its collaboration with Karnataka Bank Limited, an esteemed ‘A’ Class Scheduled Commercial Bank in India, to introduce a dynamic Bancassurance tie-up. This alliance aims to grant Karnataka Bank’s diverse clientele access to ICICI Lombard’s extensive insurance portfolio, thereby enhancing penetration and reinforcing financial security across India.
With Karnataka Bank’s expanding network and ICICI Lombard’s innovative, agile, and digital solutions, this partnership seeks to elevate the bank’s offerings significantly. The entire range of insurance products will now be accessible across Karnataka Bank’s 915 branches, reaching over 13 million customers nationwide. These customer-centric solutions aim to provide long-term financial security, underscoring both entities’ commitment to excellence through innovation and reliability.
Both the bank and the insurance company stand 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. The Insurance Regulatory and Development Authority of India (IRDAI) had in 2022 widely opened the bancassurance channel for insurers as part of its overarching effort to increase insurance penetration in the country and achieve the long-term goal of ‘insurance for all’ by 2047, when the country will celebrate its golden jubilee of independence.
Mr. Anand Singhi, Chief – Retail and Government Business at ICICI Lombard, said, “We are delighted to partner with Karnataka Bank to bring our specialized insurance solutions to a broader audience. This collaboration underscores our commitment to delivering customer-centric products that cater to diverse needs. Through our tech-enabled services, we aim to provide Karnataka Bank customers with comprehensive coverage for their health and assets, ensuring peace of mind and security in an ever-changing world.”
Speaking on the occasion Shri. Sekhar Rao, Executive Director stated, “We are committed to enriching the financial and banking experience for our customers with ease and choice. Our collaboration with ICICI Lombard underscores this commitment and reinforces our efforts to offer best in class insurance solutions. Further Bank is embarking on digital insurance initiatives, which will empower the Bank’s customers to conveniently access and manage their insurance policies through digital platforms. This includes online policy purchase, real-time claims processing, and personalized insurance advisory services, ensuring a hassle-free experience”.
