SBI General Insurance, one of the leading General Insurance Companies in India
SBI General Insurance Signs Corporate Agency Agreement with Tamil Nadu Grama Bank
Salem, Wednesday, 30th December, 2020: SBI General Insurance, one of the leading General Insurance Companies in India and Tamil Nadu Grama Bank, one of the leading Regional Rural Banks (RRB), signed a corporate agency agreement for the distribution of retail products of SBI General Insurance Company, through its extensive network in the state of Tamil Nadu.
Speaking on the occasion, Mr. PC. Kandpal, MD & CEO, SBI General Insurance said “Our alliance with Tamil Nadu Grama Bank is an important milestone in our journey to further strengthen our distribution of products and customers in the region. It is our constant endeavor to make our products more widely available for customers across all sections of the society. With this tie up we hope to further increase insurance penetration in the state of Tamil Nadu.”
He further adds, “The partnership will not only help improve penetration in urban areas but also Tier II and Tier III cities and also help increase awareness of personal lines of insurance.”
Mr. S. Selvaraj Chairman, Tamil Nadu Grama Bank, said, “We are delighted to partner with SBI General Insurance. This tie up will help us expand our bouquet of financial services offerings for our customers. We are constantly exploring opportunities to offer value added products to our customers and are of the firm belief that this will be a mutually beneficial relationship and will help our customers fulfill their non-life insurance needs. It brings us one step closer of becoming a one stop shop (point) of all financial needs of our customers.”
Under this strategic agreement, SBI General Insurance will offer comprehensive range of general insurance products. The agreement was signed in the presence of Mr. Amar Joshi – Chief Business Officer, Mr. S.P. Singh – Head Bancassurance Strategy & Partnership, Mr. Samir Chhabra – Head Bancassurance, Mr. Aviral Chandra – Head Institutional Alliances, Mr. Arun Bhatia – Head RRB – Bancassurance, Smt. P. Choodamani – Area Manager – Institutional Alliance from SBI General Insurance. Mr. S. Selvaraj, Chairman, Mr. S. Gulothungan GM and Mr. S. Damodaran, GM, Mr. V. Sivakumar, AGM and Mr. Sudarshan, CM, Mr. Sutherson – SM, from Tamil Nadu Grama Bank. There were other dignitaries from both organizations as well.
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), Corp orate Segment (catering mid to large size companies) and SME Segment; and are future-ready to serve the gr owing 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%.
