Indian private sector general insurer ICICI Lombard has entered a partnership with Karnataka Bank to offer its insurance portfolio to the bank’s customers.
This bancassurance tie-up aims to enhance financial security and boost insurance coverage nationwide.
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Karnataka Bank’s 915 branches and more than 13 million customers will now have access to ICICI Lombard’s range of products including motor, health, crop and liability insurance, among others.
The collaboration is in line with the Insurance Regulatory and Development Authority of India’s (IRDAI) initiative to expand the bancassurance channel, with the goal of achieving ‘insurance for all’ by 2047.
ICICI Lombard chief of retail and government business Anand Singhi, as reported by the Times of India, said: “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.”
Karnataka Bank executive director Sekhar Rao said: “Karnataka 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 personalised insurance advisory services, ensuring a hassle-free experience.
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By GlobalDataIn other Indian general insurance partnership news, last month, Tata AIG General Insurance Company formed a partnership with Mahindra Finance, a non-banking finance company in India.
This move is designed to distribute Tata AIG’s non-life insurance products to Mahindra Finance’s customer base of more than ten million.
It will provide a variety of general insurance solutions including motor, health and personal accident insurance.
In May this year, IRDAI mandated that health insurance companies should finalise cashless claims within three hours of receiving a discharge request from a hospital.
If insurers do not comply with the three-hour time frame, they will be responsible for covering any extra hospital charges incurred because of the delay.
