*SBI General Insurance partners with Mahindra Insurance Brokers Ltd for insurance penetration in rural India*
This association will enable the company to provide health insurance cover to a significant number of people in tier 2 & 3 markets; and generate employment
Mumbai, December 09, 2020: SBI General Insurance today announced a strategic partnership with Mahindra Insurance Brokers Ltd. (MIBL) through its Sajhedaari programme, to increase insurance penetration in tier 2 & 3 cities. This association marks a significant milestone for SBI General in realising its vision of becoming the most trusted general insurer for a transforming India.
SBI General is also associated with MIBL for the new car, commercial vehicle, tractors and used cars and provide vehicle Insurance with several add-ons the customers. In the digital space also SBI General has partnered with PAYBIMA, a digital platform by Mahindra Insurance Broker for providing affordable insurance solutions.
PC Kandpal, MD & CEO, SBI General Insurance said, “The pandemic has brought to fore a large part of our population that does not have health insurance to finance their medical expenditures. The most pressing requirement at this moment for us is to ensure that the ‘missing middle’ is tapped and insured.
Hence, this tie-up is an important enabler in our strategy to meet the insurance needs of our customers in Tier 2 & 3 cities. We are sure that our association will play out well in promoting health insurance awareness; and making certain that more people get health cover.”
Dr. Jaideep Devare, Managing Director, Mahindra Insurance Brokers Ltd. said, “We are excited to collaborate with SBI General Insurance under our Sajhedaari program, a socially inclusive initiative designed to identify, train and certify Point of Sales Persons (POSPs) for insurance distribution, while enabling deeper insurance penetration in the country. We are confident that through our collective efforts, we will empower people with knowledge about and access to health policies, which are sadly neglected due to lack of awareness and accessibility, especially in the under-served and under-penetrated rural areas of our country.”
About SBI General Insurance Company Limited:
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%.