A Strategic Partnership to Bring Comprehensive Insurance Solutions Nationwide
AU Small Finance Bank (AU SFB), India’s largest small finance bank, has entered into a strategic partnership with United India Insurance Company (UIIC), one of the leading public sector general insurance companies in the country. This collaboration aims to provide AU SFB’s extensive customer base with a broad range of general insurance products, significantly enhancing the bank’s bancassurance portfolio. The new range of insurance products includes motor insurance, personal accident insurance, crop insurance, property insurance, shopkeeper insurance, cyber incident insurance, and more, designed to meet the diverse needs of retail and SME customers.
The official signing of the partnership agreements took place with Mr. Uttam Tibrewal, Executive Director and Deputy CEO of AU Small Finance Bank, and Mr. Bhupesh Sushil Rahul, Chairman and Managing Director of United India Insurance Company. This momentous event marks a crucial step towards realizing AU SFB’s vision of becoming a “Forever Bank,” one that offers a complete range of financial solutions to its customers across the country.
Expanding Reach into Underserved Markets
This partnership significantly strengthens AU SFB’s presence and ability to offer comprehensive insurance solutions in 21 states and 4 union territories. With AU SFB’s widespread network and UIIC’s vast infrastructure of over 1000 branches in tier 2 and tier 3 cities, the collaboration is expected to bring accessible, affordable, and reliable insurance products to markets that have traditionally been underserved.
By offering these products through its 2,414 touchpoints, AU SFB is poised to serve its growing customer base of over 1 crore, ensuring that both individuals and businesses have access to essential insurance products. This partnership also aligns with AU SFB’s long-term mission of “Viksit Bharat,” where the bank aims to promote financial inclusion and provide tailored solutions to rural and semi-urban markets.
AU SFB’s Universal Banking Ambitions
AU SFB’s partnership with UIIC comes at a pivotal moment, as the bank has recently filed for a universal banking license with the Reserve Bank of India (RBI). This step represents AU SFB’s ambition to diversify its service offerings, and the partnership with UIIC is a key component of the bank’s strategy to expand its bancassurance portfolio. By leveraging advanced technology and a customer-first approach, AU SFB plans to offer innovative and digitally-enabled insurance products that cater to the evolving needs of its customers.
Through this strategic alliance, AU SFB not only aims to boost its insurance offerings but also to provide more personalized, transparent, and efficiently delivered solutions. The bank is committed to addressing the insurance needs of both retail customers and small and medium-sized enterprises (SMEs), reinforcing its role as a trusted financial partner.
Leaders’ Remarks on the Partnership
Speaking on the occasion of the partnership, Mr. Uttam Tibrewal, Executive Director & Deputy CEO of AU Small Finance Bank, expressed enthusiasm for the collaboration:
“We’re delighted to partner with United India Insurance Company, a renowned public sector insurance company with a legacy of trust and an extensive network across India. The combined expertise of AU SFB and UIIC will enable us to offer transparent, affordable, and personalized banking solutions to our diverse customer base. This partnership is synergistic towards achieving our mission of ‘Vanchit Ko Variyata,’ by delivering risk-underwritten products that are appropriately priced for both retail and SME segments.”
Mr. Bhupesh Sushil Rahul, Chairman and Managing Director of United India Insurance Company, also shared his thoughts on the collaboration:
“This strategic alliance with AU Small Finance Bank will allow our innovative and value-packed general insurance products to reach a significantly larger customer base through the bank’s 2,414 touchpoints. With our new-age services and a digital-first approach, we are well-positioned to meet the comprehensive protection needs of AU SFB’s customers. We are confident that our shared commitment to putting the customer first will create a long-lasting, successful partnership.”
Enhancing Digital-First Insurance Solutions
One of the core objectives of the AU SFB and UIIC partnership is to deliver a seamless and technology-enabled insurance experience to customers. Both entities have emphasized the importance of adopting a digital-first approach, which includes offering easy-to-use, digitally accessible insurance solutions. Customers will be able to explore and purchase insurance products, file claims, and receive support through online platforms and mobile apps, making the insurance process faster and more efficient.
Driving Financial Inclusion and Empowerment
The partnership between AU SFB and UIIC aligns with both organizations’ commitment to driving financial inclusion in India. By providing insurance solutions tailored to meet the needs of individuals in tier 2 and tier 3 cities, farmers, small business owners, and rural communities, AU SFB and UIIC are ensuring that the benefits of insurance reach all segments of society. This initiative supports AU SFB’s broader mission of empowering underserved communities with financial security and protection.
The Road Ahead
As AU Small Finance Bank and United India Insurance Company move forward with their strategic partnership, the focus remains on delivering customer-centric, affordable, and innovative insurance products. The combined strengths of AU SFB’s growing customer base and UIIC’s expertise in the insurance sector will undoubtedly enhance the insurance landscape across India. Through this partnership, both organizations aim to not only expand their market reach but also contribute to building a financially secure and resilient India.
