AU Small Finance Bank (AU SFB), India’s largest small finance bank, has entered into a strategic partnership with United India Insurance Company (UIIC), a leading public sector general insurance provider. This collaboration will offer AU SFB’s diverse customer base access to a wide range of general insurance solutions, including motor, personal accident, crop, property, shopkeeper, and cyber incident insurance.
The agreement was officially signed by Mr. Uttam Tibrewal, Executive Director and Deputy CEO of AU SFB, and Mr. Bhupesh Sushil Rahul, Chairman and Managing Director of UIIC. This marks a pivotal milestone in the two institutions’ collaboration, furthering AU SFB’s mission of becoming a “Forever Bank” by offering holistic financial and insurance solutions across India.
The partnership strategically positions AU SFB as a preferred choice for its customers across 21 states and 4 union territories, enabling them to access reliable and affordable insurance products. By leveraging UIIC’s extensive branch network in over 1,000 tier 2 and tier 3 cities, AU SFB will significantly enhance its bancassurance offerings, especially in underserved areas.
With over 1 crore customers, AU SFB’s focus on expanding its bancassurance portfolio aligns with its vision of “Viksit Bharat” and providing technology-driven solutions. The bank is also moving forward with its universal banking license application, further strengthening its financial product suite.
Mr. Uttam Tibrewal expressed his excitement about the partnership, highlighting the synergy between the two organizations in offering tailored, cost-effective insurance solutions to AU SFB’s retail and SME customers. Mr. Bhupesh Sushil Rahul emphasized the value-packed, innovative products UIIC will bring to AU SFB’s extensive customer network, reinforcing the commitment to delivering “Customer First” solutions.
This partnership represents a crucial step in advancing the insurance penetration across India and addressing the comprehensive protection needs of AU SFB’s growing customer base.
