AU SFB, United India Insurance ink pact for giving out insurance products

AU Small Finance Bank (AU SFB) and state-owned United India Insurance Company (UIIC) on Friday announced a strategic partnership to distribute general insurance solutions to the bank's customers.

It includes motor insurance, personal accident insurance, crop insurance, property insurance, shopkeeper insurance, cyber incident insurance, and more, a joint statement said.

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, it said.

The partnership leverages UIIC's vast network of branches in over 1,000 tier 2 and tier 3 locations, aligning with AU SFB's expanding infrastructure and growing customer portfolio, it said.

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 b