SBI General Insurance announces bancassurance tie up with Karnataka Gramin Bank

Mumbai, September 13, 2019:  SBI General Insurance, one of India’s leading general insurance companies, has entered into a comprehensive bancassurance deal with Karnataka Gramin Bank to provide the bank customers with a bouquet of general insurance products. 

With this partnership, SBI General Insurance has extended its distribution channels in the southern market and will distribute its insurance products across all the branches of Karnataka Gramin Bank. The extensive local presence of the bank will be an added advantage for the insurance company. 

Speaking on this alliance, Mr. Pushan Mahapatra, MD & CEO, SBI General Insurance, “We are pleased to announce the tie-up with such a prestigious bank in the state of Karnataka. The bancassurance channel has potential to reach out to the last mile and serve untapped markets thereby promoting the insurance penetration in India. At SBI General insurance, we strive to reach out to the furthest part of the society and spread awareness on insurance, and this partnership is in line with our objective. This association will leverage the strengths of both the companies, bringing Karnataka Gramin Bank’s customers a comprehensive suite of general Insurance products.”  

Karnataka Gramin Bank is the biggest RRB of India having presence in 21 districts of Karnataka with 1167 branches. The bank has a business turnover of 46500 cr and is servicing 1.58 cr customers across Karnataka. The deal will benefit the bank’s retail and SME customers spread across rural, semi urban and urban areas of Karnataka state.

About SBI General Insurance

SBI General Insurance Company Limited commenced its operations in the year 2010 and is a joint venture between State Bank of India and Insurance Australia Group (IAG). 

The company offers a complete suite of products ranging from Motor, Health, Personal Accident, Travel and Home Insurance in the retail space and products like Aviation, Fire, Marine, Package, Construction & Engineering, Liability & Cyber Defence Insurance in the commercial space.

SBI General Insurance follows a robust multi-distribution model encompassing Bancassurance, Agency, Broking and Retail Direct Channels. Today, SBI General’s Distribution family includes over 21,000 IRDA certified employees including the State Bank Group employees, and over 10,000 Agents to make insurance easily available even in the remote areas of the country.

SBI General Insurance has established its presence in nearly 24000 branches of State Bank Group. The company’s current geographical exposure covers 110+ cities pan India with a presence of another 350+ locations through satellite resources. SBI General Insurance is currently serving three key customer segments i.e. Retail Segment (catering to Individual & Families), Corporate Segment (catering mid to large size companies) and SME Segment.

SBI General Insurance closed the financial year 2018-19 with a Gross Written Premium of Rs. 4717 cr at a YoY growth of 33%. 

Source: Press Release