RBL Bank and ICICI Prudential Life Insurance forge

 RBL Bank and ICICI Prudential Life Insurance forge Bancassurance Partnership

 

·         398 RBL Bank branches in 28 states will distribute ICICI Prudential Life Insurance’s
protection and savings products

·         Partnership deepens and widens ICICI Prudential Life’s multi-channel distribution network

 RBL Bank and ICICI Prudential Life Insurance have entered into a bancassurance partnership to offer an array of life insurance products to the Bank’s customers. This alliance will enable over 8.7 million customers of RBL Bank to access and seamlessly purchase customer-centric protection and long-term savings products of the Company and provide financial security to themselves and their families.

 

RBL Bank will distribute ICICI Prudential Life’s products through its network of 398 branches spread across 28 states besides it’s internet and mobile banking touch-points, that distinguish the Bank’s multi-channel distribution network. For ICICI Prudential Life, the partnership will deepen and further strengthen its multi-channel distribution network.

 

Through this tie-up, the entire bouquet of ICICI Prudential Life’s insurance plans on the protection and savings platform will be available for purchase to customers of the Bank. ICICI Prudential Life Insurance’s protection products provide a strong foundation for a financial plan and the diversified range of long-term savings products will help the Bank’s customers achieve their financial goals, be it wealth creation, retirement planning or higher education of children. Simultaneously, the partnership will  also provide a financial safety net to the customer’s family by way of a life insurance cover.

 

Vishwavir Ahuja, MD and CEO, RBL Bank said, “We are happy to partner with ICICI Prudential Life and are confident that this strategic alliance will accelerate value creation for both our organisations. As a bank, we are constantly focused on serving the evolving needs of our customers and ensuring that they have a holistic service experience. This collaboration empowers our customers to choose from a comprehensive suite of products and plan for a financially secure future. With our strong distribution reach and digital platforms, we will be able to offer these products instantly to all our customer segments across India.”

 

N S Kannan, Managing Director & CEO, ICICI Prudential Life Insurance said, "We are delighted to partner with RBL Bank, and this mutually beneficial tie up will further deepen our multi-channel distribution footprint in the country. Besides the common philosophy of customer-centricity, both partners have been leveraging technology to provide customers a seamless digital fulfilment journey and superior customer experience. There is a growing awareness among consumers about protection and the need to financially secure self and family following the pandemic. We believe our array of protection and long-term savings products will complement RBL Bank’s offerings and enable their customers to develop a robust financial plan.”

 

Wirecard expandspartnership with India’s RBL Bank

Wirecard expandspartnership with India’s RBL Bank to further drive financial inclusion

 Wirecard, the global innovation leader in digital financial technology, announced today an expanded partnership with RBL Bank to promote financial inclusion in India. This partnership will make digital payment and banking transactionsmore readily accessible to all Indian citizens, including those living in remote areas.

In partnership with RBL, Wirecard will empower its retailagents, who serve as customer service representatives in various areas across the country, to enable the financially underserved to access basic payment and banking services.These include cash withdrawals and deposits as well as balance enquiries. Currently, there are nearly 5,000 agents enrolled in the program. Consumers will only need their local Aadhaar identification number –a biometric database that provides a unique identity to each Indian citizen and can be linked to a bank account–toaccess those services through Wirecard’s retail agents. The service is available to all Indian citizens with an Aadhaar number linked to a bank account. Today, around 90% of India’s population has an Aadhaar number, and 80% of adults have bank accounts.

Wirecard provides hundreds of thousands of people daily with access to affordable financial services and other related services such as ticketing, mobile top-up, insurance or logistics through its nation-wide retail agent network and offers tens of thousands of retailers the opportunity to earn extra money by driving financial inclusion in India. With the extended partnership with RBL Bank, Wirecard’s retail agentscan now offer an even broader range of digital financial services.

“Our extended partnership with RBL Bank will help bring even more essential transaction services to both urban and rural residents India-wide, regardless of their bank. As a leading digital financial services provider, we are excited to support this innovative solution,” said Anil Kapur, Managing Director India at Wirecard. “Together with RBL Bank, we are addressing the needs of consumers who demand quick and secure financial services, no matter where they are located.”