Hyderabad, NFAPost: SBI General Insurance announced a tie-up with Manipal Business Solutions to increase insurance penetration in the rural markets. SahiPay, the fastest growing tech-enabled financial inclusion platform of Manipal Business Solutions, will help in providing insurance products while delivering their digital and financial services to customers in semi-urban and rural India.
This association marks a significant milestone for SBI General in realising its vision of becoming the most trusted general insurer for India as well as Bharat. Through this partnership, SBI General will provide a bouquet of non-life insurance solutions to SahiPay customers.
Speaking on the partnership, SBI General Insurance President – Strategic Investments & Head – Open Market Pushan Mahapatra said SBI General always aims to plug-in digital model in its rural markets wrt insurance offerings.
“The tie-up with Sahipay is the right fit and has come at an appropriate time to support us in our endeavor to maximize our reach to rural segments,” said Pushan Mahapatra.
Manipal Business Solutions CEO Kamaljeet Rastogi said India is predominantly rural with more than 65% of the population residing in rural areas.
“To make rural population aware of the benefits of insurance, focused efforts and innovative, affordable, technology-based insurance products that provide adequate risk coverage are required. SBI General Insurance will help us provide comprehensive and accessible set of insurance offerings to our customers,” said Kamaljeet Rastogi.
Kamaljeet Rastogi also said the partnership will bring in a perfect blend for rural customers, with SBI General’s non-life product offerings and Manipal Business Solutions, along with the right understanding of rural segment by both partners.
SBI General is continuously strengthening its distribution footprints in the country, and this tie-up is a step in that direction.
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 have a vision is to become the most trusted general insurer for a transforming India.
Ever since its establishment in 2009, from 17 branches in 2011, the company has expanded its presence to over 137 branches pan-India. Till date, the company served around 8.7 crore customers.
The company follows a robust multi-distribution model encompassing Bancassurance, Agency, Broking and Retail Direct Channels. On the distribution network front, SBI General have strong distribution partners adding up its reach to every nook and corner of India, with SBI’s over 22000 branch network, Agents, other financial, OEM and digital partners.
SBI General currently serves 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 2020-21 with a Gross Written Premium (GWP) of Rs. 8312 crore with a growth of 22% and net profit of the Company grew by 32%. The company has shown steady growth for the past 4 years, while maintaining positive track record of underwriting.
