Capital Small Finance Bank (CSFB), India’s first small finance bank, has joined forces with ICICI Lombard, a leading private general insurance company, in a strategic Bancassurance Corporate Agency tie-up. This collaboration marks a significant milestone for CSFB’s growth strategy, aiming to widen its product offerings and provide a more diverse range of general insurance solutions to its customers.
“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,” said Anand Singhi, Chief- Retail and Government, ICICI Lombard. “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.”
Leveraging its extensive network and customer base, particularly strong in the middle-income segment, CSFB will distribute ICICI Lombard’s comprehensive suite of general insurance products, including health, motor, home, travel, and rural insurance. This collaboration will offer customers the convenience of accessing insurance solutions alongside their banking services, enhancing their overall experience.
“As we embark on this strategic alliance with ICICI Lombard, we are excited about the opportunities it presents for our customers,” said Sarvjit Singh Samra, MD & CEO, Capital Small Finance Bank. “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.”
The addition of ICICI Lombard strengthens CSFB’s insurance offerings, providing a wider range and higher quality of insurance solutions to its customers. This ultimately leads to greater financial security and convenience for the bank’s middle-income clientele.
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