Mumbai, February 12, 2018: ICICI Lombard General Insurance Ltd., one of India’s leading private sector general insurance companies and RBL Bank have entered into a Corporate Agency Tie-up agreement. The agreement has been signed for the distribution of ICICI Lombard’s non-life insurance products at RBL Bank branches all over the country as part of the insurer’s Bancassurance channel focus.
ICICI Lombard will now offer its non-life insurance solutions to RBL Bank customers spread across the latter’s 246 branches. Bancassurance tie-up is an important part of ICICI Lombard’s growth strategy and the company is focused on forging successful alliances, to enhance its distribution network in the country.
Commenting on the tie-up, Sanjeev Mantri, Executive Director, ICICI Lombard General Insurance stated, “We are delighted to have partnered with RBL Bank. At ICICI Lombard, we endeavor to make our products available to our consumers through multiple and convenient channels. The tie up with RBL Bank is a step forward in this direction and will enable RBL Bank customers to source our non-life insurance solutions from the convenience of their bank’s branches and other customer connect points. We will continue to pursue customer centric ways to help consumers avail of and benefit from our range of non-life insurance offerings.”
Surinder Chawla, Head – Retail Liabilities & Wealth Management said, “We are delighted to partner with ICICI Lombard as part of our ongoing initiative to offer best-in-class personal finance solutions to all our customers. With growing awareness and a plethora of new schemes, insurance penetration in India has been increasing every year, and is expected to cross 4 per cent in FY18. RBL Bank, along with its partner, aims to capture a major share of this potentially large and untapped market. As a partnership oriented bank, we strongly believe that this step will add significant value to our customers by giving them access to a wide range of superior products.”
ICICI Lombard General Insurance Company Ltd. is one of the leading private sector general insurance companies in India with a Gross Written Premium (GWP) of Rs 94.31 billion in Q3FY18, registering a growth of 17.0%. With this partnership, RBL customers will get access to ICICI Lombard’s entire portfolio of products across motor, cyber and rural plans.
About ICICI Lombard General Insurance Company Ltd
ICICI Lombard is the largest private-sector non-life insurer in India based on gross direct premium income in fiscal 2017, a position we have maintained since fiscal 2004 after being one of the first few private-sector companies to commence operations in the sector in fiscal 2002. We offer our customers a comprehensive and well-diversified range of products, including motor, health, crop, fire, personal accident, marine, engineering and liability insurance, through multiple distribution channels. ICICI Lombard is listed on the BSE and NSE (ICICIGI). More details are available at www.icicilombard.com
About RBL Bank
RBL Bank is one of India’s fastest growing private sector banks with an expanding presence across the country. The Bank offers specialized services under six business verticals namely: Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Agri Business Banking, Development Banking and Financial Inclusion, Treasury and Financial Markets Operations. It currently services over 3.98 million customers through a network of 246 branches and 394 ATMs spread across 20 Indian states and Union Territories.
Over the last few years, RBL Bank has earned recognition in various national and international forums such as: CNBC ASIA’s India Talent Management Award (2017); India’s Best Bank for four consecutive years (2013 – 2016) in the mid-sized segment (Growth) by a Business Today – KPMG Study; Business World’s ‘Fastest Growing Small Bank’ consistently for three years (2013,2014,2015) and recognized by the World Economic Forum as a ‘Global Growth Company’ (GGC).
RBL Bank is listed on both NSE and BSE (RBLBANK). For further details, please visit https://www.rblbank.com/