State Bank of India General Insurance has partnered with Mahindra Insurance Brokers to increase insurance usage in rural areas. According to SBI General Insurance Statement on Wednesday this partnership will enable them to provide health insurance coverage to a significant number of people in tier 2 and 3 markets and generate employment.
State Bank of India General Insurance is also partnered with Mahindra Insurance Brokers Ltd for commercial vehicles, new cars, used cars, tractors and provides vehicle Insurance with several add-ons. SBI general insurance and Mahindra Insurance Brokers Ltd have also partnered in the digital space with PAYBIMA for affordable insurance solutions. State Bank of India General’s gross written premium during 2019-2020 stood at Rs 6,840 crore, registering a growth of 45 % from a year ago.
The company noting that the COVID -19 pandemic has brought forward a large part of the population that does not have health insurance and the Managing Director and CEO, SBI General Insurance, PC Kandpal said this partnership will play out well in promoting health insurance awareness and that the company is confident that through their collective efforts, it will empower people with knowledge about health policies, especially in the under-served and under-penetrated rural areas of our country.
According to Jaideep Devare, Managing Director, MIBL, they are excited to collaborate with SBI General Insurance under MIBL’s Sajhedaari program, a socially inclusive initiative designed to identify, train and certify POSP’s (Point-of-sale persons) for insurance distribution, while enabling deeper insurance penetration in the country.
In September 2020 SBI General, 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. By this partnership products of SBI General Insurance Company will be offered to YES BANK’s customers across 28 states and 8 Union Territories. SBI General is doing a meaningful partnership with banks, payments apps, eCommerce players, brokers, etc. to strengthen their distribution footprint across the country and this partnership will be committed to offering customers a broad range of non-life insurance products and services and deploying technology across their customer value chain to facilitate great experiences for them.
