SBM Bank India has announced a bancassurance partnership with ICICI Prudential Life Insurance, in a strategic move aimed at enhancing its retail offerings and expanding customer-centric financial solutions.
The alliance is designed to equip customers with a wide range of life insurance products, including term insurance, long-term savings, and retirement planning solutions.
The collaboration aligns with SBM Bank India’s ambition to evolve into a comprehensive financial hub, offering services that span across savings, lending, remittances, forex, insurance, and investments for a diverse clientele ranging from retail and NRI customers to corporate and institutional clients. This partnership strengthens the bank’s dual-channel strategy of growing its physical presence while deepening digital engagement.
Speaking on the partnership, Amit Palta, Chief Product and Distribution Officer, ICICI Prudential Life Insurance, said, “We are happy to partner with SBM Bank India and believe it is a step towards our goal of making life insurance solutions easily accessible to customers. Also, it fortifies our position as being the most customer and distributor-friendly life insurer in the country.”
Palta added, “By combining our innovative, future-ready insurance solutions with SBM Bank’s diverse customer base, we are enabling broader access to comprehensive financial protection across the country. Our solutions are designed to support customers through key life milestones, empowering individuals and families to pursue their future goals with confidence, security, and peace of mind.”
Highlighting the operational strength of ICICI Prudential, Palta noted, “Various technology solutions implemented have enabled us to provide a seamless and hassle-free buying process to customers. Besides, our claim settlement ratio of 99.3 per cent in FY2025, with an average turnaround time of 1.2 days, is the best in the industry.”
Nikhil Rajadhyaksha, Head – Retail Banking, SBM Bank India, said, “Through this strategic partnership, we are committed to expanding financial security and offering a comprehensive suite of insurance solutions tailored to evolving customer needs. With insurance penetration in India at 3.7 per cent in 2023-24, well below the global average of 7 per cent, there is substantial scope for market expansion.”
He added, “By combining ICICI Prudential Life Insurance’s innovative product portfolio and digital expertise with SBM Bank’s vision of becoming a financial supermarket, we aim to deliver seamless, customer-centric solutions that enhance financial well-being and empower individuals with greater financial protection.”
With this partnership, both entities aim to bridge the insurance accessibility gap in India and deliver integrated solutions that support long-term financial security for individuals and families.
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