Capital Small Finance Bank and ICICI Lombard forge Corporate Agency Alliance
Mumbai, May 31, 2024: Capital Small Finance Bank (“Bank”), India’s first small finance bank, is pleased to announce a Bancassurance Corporate Agency tie-up with ICICI Lombard, India’s leading private general insurance company. This partnership aims to widen the Bank’s product offerings and provide a diversified range of general insurance products to its customers, marking a significant milestone in the Bank’s growth strategy. ICICI Lombard will be able to serve a large cohort of customers by providing access to customized and innovative insurance solutions.
With over two decades of experience in the banking industry, Capital Small Finance Bank has developed a nuanced understanding of its niche market—middle-income segment customers. The Bank has tailored its products and services to meet the specific needs of this segment. Through this collaboration, Capital Small Finance Bank will leverage its extensive network and customer base to distribute ICICI Lombard’s comprehensive suite of general insurance products, including health, motor, home, travel, and rural insurance. This alliance is set to enhance the customer experience by offering the convenience of availing insurance solutions alongside their banking services.
The addition of ICICI Lombard to the Bank’s insurance partners will enhance the range and quality of insurance solutions available to its customers, ensuring greater financial security and convenience.
Commenting on the partnership, Mr. 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.”
Mr. Sarvjit Singh Samra, MD & 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. 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. This tie-up is a further step to become the primary banker for our middle-income group (MIG) customers, driving both business expansion and revenue growth”