AU Small Finance Bank Ltd on Tuesday announced its partnership with insurtech company, Acko General Insurance Limited. Partnering with Acko, AU bank is now set to provide customised insurance products to its customers.
According to a statement, with the objective of building a robust digital banking platform to offer best in class products in Digital Loans, Deposits, and Investment segments, AU is tying up with various technology partners who share a similar vision and have the relevant technology advancements to back up their offering, Acko being the first.
Based on user behaviour data, Acko’s solution is designed to offer contextual insurance, enabling AU to deliver tailor-made policies that offer the right coverage when the customer needs it.
Acko is a licensed digital-only general insurance company that aims at redefining insurance by making it more transparent and providing hassle-free access to policies directly to the end user. The insurtech’s platform leverages data and analytics to offer customers affordable and highly personalised insurance products based on their risk profile, within a few minutes.
Dayakaran Sridhar, Chief of Digital Banking and Digital Strategy, AU Small Finance Bank said in a statement, “AU Bank aims to uncomplicate banking for its customers. With this tie-up we are taking another step in that direction as partners like Acko are enabling us to offer the right product to our customers, at the right time and at competitive pricing. This kind of digital partnership will also be instrumental for our bank to increase its reach.”
AU Small Finance Bank Limited (AU Bank) is the only Scheduled Commercial Bank headquartered out of Jaipur, Rajasthan. AU started its journey in the year 1996 as Au Financiers and, under the aegis of Reserve Bank of India, for the last two decades, it worked as a retail focused, customer centric premier and trusted asset financing NBFC. It touched over a million plus underbanked and unbanked customers across 11 states of North, West and Central India, prior to becoming a bank in April 2017 to achieve the objective of financial inclusion. Over the years, AU received investment from investors such as Warburg Pincus, Temasek Holdings, IFC, Chrys Capital and Kedaara Capital.
“AU Small Finance Bank is a strategic partner that will help us further our objective of delivering the best user experience. Acko’s customer first philosophy is aligned with AU bank’s focus on building the right products and experience for customers. Through this partnership, we will offer affordable and seamless insurance products to AU bank customers” said Varun Dua, Founder and CEO, Acko in a statement.