ICICI Lombard in bancassurance tie-up with CSB

MUMBAI: ICICI Lombard General Insurance has tied up with Catholic Syrian Bank( CSB) for sale of its products through 431 branches of the bank.

Through the bancassurance tie-up, the company will able to offer general insurance solutions to the bank's customer base in Kerala, Tamil Nadu, Karnataka and Maharashtra.

The 94-year-old Kerala-based bank has a strong presence in the southern and western parts of the country. The bank had distribution network of 431 branches across 15 states and 4 union territories as on December 31, 2014.

ICICI Lombard would be able to offer its risk solutions to the bank's customer base of 16 lakh clients (as on December 31, 2014). The bank's focus is on the small and medium enterprises (SMEs) and retail client segments apart from NRI customers.

"We are privileged to join hands with Catholic Syrian Bank, which has a rich heritage of serving its customers over 94 years. As individuals and business owners strive to scale new highs, it is critical that they are adequately covered with the right shield of insurance solutions across business, health, motor and other covers," ICICI Lombard GIC Managing Director and Chief Executive Bhargav Dasgupta said.

The company will offer retail as well as corporate products through the bank branches.

Catholic Syrian Bank MD and CEO Anand Krishnamurthy said, "Our focus is to bring value-added and innovative products to our customers - specifically to the small and medium enterprise and the individual retail segments. ICICI Lombard brings an excellent suite of products from which we believe that our clients can benefit."