NEW DELHI: AU Small Finance Bank (AU SFB) and state-owned United India Insurance Company (UIIC) announced a strategic partnership on Friday to distribute general insurance solutions to the bank’s customers.
It covers motor insurance, personal accident insurance, crop insurance, property insurance, shopkeeper insurance, cyber incident insurance, and more.
The partnership takes advantage of UIIC’s huge network base in over 1,000 tier 2 and tier 3 locations, aligning with AU SFB’s expanding infrastructure and growing customer portfolio, it added.
The statement further states that AU SFB recently filed for a universal banking license with the Reserve Bank of India (RBI). It is now focusing on enhancing its bancassurance portfolio to offer innovative, technology-enabled insurance solutions to its customer base of over 1 crore, across all segments.