*SBI General Insurance signs Corporate Agency Agreement with Indian Overseas Bank*
Chennai, 01 March 2021: SBI General Insurance, one of the leading General Insurance Companies in India, and Indian Overseas Bank (IOB), a major public sector bank has signed a bancassurance agreement for distribution of non-life offerings. Through the alliance, SBI General will offer a range of general insurance solutions and innovative products to IOB customers.
IOB operates from Chennai, with 3200 Plus branches across the country and with overseas presence.
Speaking on occasion, Shri PC. Kandpal, MD & CEO, SBI General Insurance said, “Our association with IOB shall further strengthen our reach and will help us in achieving another milestone for our mission of insuring Bharat. IOB’s extensive reach in Tamil Nadu region will help in wide distribution of products to customers in the region. With this tie-up, we will offer well researched, unique, and customer-friendly products to IOB customers.”
He further adds, “The partnership will improve penetration in urban, Tier II, and Tier III markets and will also help create awareness about personal lines of insurance.”
Shri Partha Pratim Sengupta MD &CEO, Indian Overseas Bank said, “We are delighted to partner with one of the leading players in General Insurance businesses- SBI General Insurance. We will efficiently nurture it to be a long running mutually beneficial relationship. This tie-up will help expand our bouquet of Insurance product to our consumers.
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%.