*SBI General Insurance signs corporate agency agreement with YES BANK to make non-life insurance solutions accessible to customers*
Mumbai, 14th September 2020: SBI General, one of India’s leading General Insurance Companies and, YES BANK, a leading private sector bank, signed a Corporate Agency Agreement for the distribution of retail products of SBI General Insurance Company for its corporate and retail customers. The products of SBI General Insurance Company will be offered to YES BANK’s customers across 28 states and 8 Union Territories.
SBI General has been doing meaningful associations with banks, payments apps, eCommerce players, brokers, etc. to strengthen its distribution footprint across the country. This partnership will be committed to offering customers a broad range of non-life insurance products and services and deploying technology across the customer value chain to facilitate superior experiences for them.
Commenting on the tie-up, Amar Joshi, Chief Business Officer, SBI General Insurance, said, “Our alliance with YES BANK is an important milestone and allows us to collaborate and expand our reach by offering our insurance products to a wider audience through the bank’s branches and digital network presence Pan India. We are excited and thrilled to partner with YES BANK, that enjoys a remarkable journey in serving customers over a long time. The tie-up will help us reach out to the last mile and serve untapped markets, thereby increasing insurance penetration.”
Speaking of the occasion, Rajan Pental, Global Head – Retail Banking, YES BANK, said, “YES BANK is delighted to embark on this journey with SBI General Insurance, and we look forward to collaborating closely to fulfil the evolving insurance needs of our growing customer base. We believe that YES BANK’s unique branch and digital banking capabilities, coupled with SBI General’s brand strength and innovative product suite will enrich our customers’ value proposition.”
The signed agreement was exchanged between the organization by Mr. Rajan Pental, Global Head – Retail Banking, YES BANK & Mr. Amar Joshi, Chief Business Officer, SBI General Insurance.
About SBI General Insurance Company Limited:
SBI General is one of the fastest growing private general insurance companies, with the strong parentage of SBI, we, at SBI General Insurance, are committed to carry forward the legacy of trust and security; and to become the first choice for every Indian’s general insurance needs.
Ever since our establishment in 2009, from 17 branches in 2011, we have expanded our presence to around 123 branches pan-India.
We follow a robust multi-distribution model encompassing Bancassurance, Agency, Broking and Retail Direct Channels. Today, our distribution family includes over 22,900 IRDAI certified advisors including the State Bank Group employees, and over 12,000 Agents to make insurance easily available even in the remote areas of the country.
On the distribution network front, we have strong distribution partners adding up our reach to every nook and corner of India, with SBI’s over 22000 branch network, other financial and digital partners. Our current geographical exposure covers 125+ cities pan-India with a presence of another 350+ locations through satellite resources.
We currently serve three key customer segments viz. - Retail Segment (catering to Individual & Families), Corporate Segment (catering mid to large size companies) and SME Segment; and are future-ready to serve the growing needs of Indians with new age-processes and services at affordable prices.
SBI General Insurance closed the financial year 2019-20 with a Gross Written Premium of Rs. 6840 cr at a YoY growth of 45%.