Private sector general insurer ICICI Lombard General Insurance Company Ltd on Monday said it has entered into a bancassurance tie-up with Yes Bank for selling its insurance products. ”The partnership will provide the bank’s diverse customer base access to the insurer’s portfolio and make insurance more accessible to its customers across India,” ICICI Lombard General Insurance Company said in a regulatory filing.
Bancassurance is an agreement between a bank and an insurer to sell its offerings to the lender’s customers. Through this tie-up, ICICI Lombard aims to offer innovative insurance solutions to Yes Bank’s customers across 28 states and 8 union territories.
Sanjeev Mantri, Executive Director, ICICI Lombard said, Given the progressive and technology-oriented approach of both partners, this collaboration is an ideal synergy between the two brands and value-adding to Yes Bank customers.
