ICICI Lombard, India’s leading private General Insurance Company, has announced a strategic collaboration with Karnataka Bank Limited, a distinguished ‘A’ Class Scheduled Commercial Bank in India. This dynamic Bancassurance tie-up aims to enhance financial security and increase insurance penetration across the nation by providing Karnataka Bank’s diverse clientele access to ICICI Lombard’s extensive insurance portfolio.
Leveraging Karnataka Bank’s expanding network and ICICI Lombard’s innovative, agile, and digital solutions, this partnership is set to significantly elevate the bank’s offerings. The full range of ICICI Lombard’s insurance products will now be available across Karnataka Bank’s 915 branches, reaching over 13 million customers nationwide. These customer-centric solutions are designed to provide long-term financial security, underscoring both entities’ commitment to excellence through innovation and reliability.
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The bancassurance arrangement is mutually beneficial, with Karnataka Bank earning a commission from ICICI Lombard, while the insurer gains from the bank’s extensive distribution network. This collaboration aligns with the Insurance Regulatory and Development Authority of India’s (IRDAI) initiative from 2022, which aimed to widely open the bancassurance channel to increase insurance penetration and achieve the goal of ‘insurance for all’ by 2047, coinciding with India’s golden jubilee of independence.
Anand Singhi, Chief – Retail and Government Business at ICICI Lombard, expressed his enthusiasm about the partnership, stating, “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.”
Shri Sekhar Rao, Executive Director of Karnataka Bank, highlighted the bank’s commitment to enhancing the financial and banking experience for its customers. He said, “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”.
This partnership marks a significant step towards bolstering financial security and accessibility for millions of customers, setting a new benchmark in the Indian bancassurance landscape.
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