ICICI Lombard announces tie-up with YES Bank; stock gains 2 per cent

India's leading private sector non-life insurance company, ICICI Lombard General Insurance announced on Monday that it has entered into a bancassurance tie-up with YES Bank. Reacting to the news, the share jumped 2.77 per cent during the early trading session on BSE.

The collaboration provides the bank’s varied customer base access to the insurer’s portfolio, making insurance more accessible to its customers across India.

Through this partnership, ICICI Lombard intends to offer innovative insurance solutions to YES Bank’s customers across the country. The progressive and technology-oriented approach of both the partners turns out to be an ideal synergy between the two brands and value-adding to YES BANK customers.

YES Bank’s technology and branch network strength across the country coupled with the innovative product offerings and market reputation of ICICI Lombard will support customers to accomplish their non-life insurance necessities.

The share of ICICI Lombard General Insurance Company at 1:20 pm was trading 1.28 per cent up at Rs 1,315.55 and the share of YES BANK was trading 2.19 per cent higher at Rs 14.93 on BSE.