ICICI Lombard General Insurance And Karnataka Bank Limited Forge Strategic Bancassurance Partnership

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”.

About ICICI Lombard General Insurance Company Ltd.

ICICI Lombard is the leading private general insurance company in the country. The Company offers a comprehensive and well-diversified range of products through multiple distribution channels, including motor, health, crop, fire, personal accident, marine, engineering, and liability insurance. With a legacy of over 2 decades, ICICI Lombard is committed to customer centricity with its brand philosophy of ‘Nibhaye Vaade’. The company has issued over 36.2 million policies, honoured over 2.9 million claims and has a Gross Written Premium (GWP) of ?255.94 billion for the year ended March 31, 2024.  ICICI Lombard has 312 branches and 13,670 employees, as on March 31, 2024.

ICICI Lombard has been a pioneer in the industry and is the first large scale insurance company in India to migrate its entire core systems to cloud.  With a strong focus on being digital led and agile, it has launched a plethora of tech-driven innovations, including the industry first Face Scan on its signature insurance and wellness App - IL TakeCare, with over 10 million downloads. The company has won several laurels including ET Corporate Excellence Awards, Golden Peacock Awards, FICCI Insurance Awards, Assocham, Stevie Asia Pacific, National CSR awards etc. for its various initiatives. For more details log on to www.icicilombard.com

About Karnataka Bank Limited.

Karnataka Bank Limited, a leading 'A' Class Scheduled Commercial Bank in India, was incorporated on 18th February 1924 at Mangaluru, a coastal town of Dakshina Kannada district in Karnataka State. The bank took shape in the aftermath of patriotic zeal that engulfed the nation during the freedom movement of 20th century India. It has got 915 branches with 13 Million + customer base, 8500 employee strength & 235000 shareholders. They intend to bring about best of the banking practices through a blend of timeless values accompanied with cutting edge technology. For more details log on to https://www.karnatakabank.com