ICICI Prudential Life Insurance has signed an agreement to enable the distribution of its offerings through RBL Bank’s branches and digital channels.
Under the bancassurance agreement, the insurer’s products will be sold via RBL Bank’s 398 branches across 28 states, as well as internet and mobile banking touch-points.
The partnership will help the Indian private sector lender’s 8.7 million customers gain access to the insurer’s protection and long-term savings products.
ICICI Prudential Life Insurance managing director and CEO N S Kannan said: “We are delighted to partner with RBL Bank, and this mutually beneficial tie up will further deepen our multi-channel distribution footprint in the country.
“Besides the common philosophy of customer-centricity, both partners have been leveraging technology to provide customers a seamless digital fulfilment journey and superior customer experience.”
Through the collaboration, ICICI Prudential Life aims to deepen its multi-channel distribution network.
RBL Bank managing director and CEO Vishwavir Ahuja believes that the partnership will aid value creation for both the parties.
Ahuja stated: “This collaboration empowers our customers to choose from a comprehensive suite of products and plan for a financially secure future.
“With our strong distribution reach and digital platforms, we will be able to offer these products instantly to all our customer segments across India.”
Earlier this year, ICICI Prudential Life Insurance reached a corporate agency agreement with NSDL Payments Bank, a subsidiary of India’s largest depository NSDL.
The agreement enables the insurer to offer its protection and savings products to NSDL bank customers using the bank’s point-of-sale (POS) network across the country.