AU Small Finance Bank enters into a strategic partnership with United India Insurance

by Psu Connect
Date: 06-09-24
others

This collaboration enables AU SFB’s diverse customer base across various business verticals to access trustworthy, stable, and affordable insurance solutions

AU Small Finance Bank enters into a strategic partnership with United India Insurance

Mumbai: AU Small Finance Bank (AU SFB), India’s largest small finance bank and United India Insurance Company (UIIC), the leading public sector general insurance company, announced a strategic partnership to offer AU SFB’s customers with a wide range of general insurance solutions. It includes motor insurance, personal accident insurance, crop insurance, property insurance, shopkeeper insurance, cyber incident insurance, and more.

Today, AU SFB and UIIC have formally signed strategic alliance agreements, marking a significant milestone in their collaborative journey. The agreements were signed by 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 partnership marks a meaningful step towards realizing AU SFB’s vision of "Forever Bank", which aims to provide comprehensive financial solutions across the country. This collaboration positions AU SFB as a preferred choice for its diverse customer base across 21 states and 4 union territories, offering reliable and affordable general insurance solutions.

The partnership leverages UIIC’s vast network of branches in over 1000 tier 2 and tier 3 locations, aligning with AU SFB's expanding infrastructure and growing customer portfolio. AU SFB, having recently filed for a universal banking license with the Reserve Bank of India (RBI), is now focused on enhancing its bancassurance portfolio to offer innovative, technology-enabled insurance solutions to its customer base of over 1 crore, across all segments. Through its strategic partnership, AU SFB reaffirms its commitment to serve business communities and underserved areas with tailored products and solutions, aligning with its goals of "Viksit Bharat"

On the occasion of signing this significant agreement, Mr. Uttam Tibrewal, Executive Director & Deputy CEO, AU Small Finance Bank, said, “We’re delighted to partner with United India Insurance Company, a renowned PSU insurance company with a rich legacy and extensive network across India. The combined expertise of two strong entities will enable transparent and personalised banking solutions to AU SFB’s customers, nationwide. Our partnership is synergistic towards our efforts to achieve “Vanchit Ko Variyata”, by providing aptly priced and risk-underwritten product solution across retail and SME segments.”

Speaking on the partnership, Mr. Bhupesh Sushil Rahul, Chairman cum Managing Director & Mr. H. R. Gangwal, General Manager, United India Insurance, said, “This partnership will make our value-packed and innovative general insurance products available to a significantly larger customer base across the 2,414 touchpoints of AU SFB. Backed by top-tier, new-age services and a digital first approach, we are well placed to enable our customers in achieving their comprehensive Protection Goal aspirations. I am confident that our collective promise of ‘Customer First’ will lead to a long-term and successful partnership as we enable many more life goals, together.”