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.
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.
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
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
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.