SBI General Insurance Enters Into “Bancassurance Tie-Up With IDFC FIRST Bank”

SBI General Insurance, one of the leading General Insurance companies in India, has signed a Corporate Agency agreement with IDFC FIRST Bank, for distribution of non-life insurance solutions.  

Under this strategic agreement, SBI General Insurance will offer insurance products such as Health, Personal Accident, Home, Motor and Travel along with the commercial line of insurance products such as Property, Marine and Engineering Insurance, to the Bank’s customers. 

Amar Joshi, Head – Emerging Business Lines, SBI General Insurance, shares, “We are happy to further strengthen our distribution network through this partnership and look forward to achieve new milestones. This will help us extend our range of products to a larger customer base. Our overall aim continues to remain the same i.e. to enhance insurance penetration in the country by ensuring access to all.” 

Amit Kumar, Head – Retail Liabilities, IDFC FIRST Bank, said, “We are pleased to associate with SBI General Insurance and bring more value-added products and services to our customers. The expansion of our non-life insurance portfolio could not have come at a better time as it provides our customers both health and wealth protection and complements our existing wealth management offering.” 

IDFC FIRST Bank has a digital first approach and serves customers through its state-of-the-art netbanking platform and an intuitive, user-friendly mobile app, which complement its nationwide branches, ATMS and loan centers.  

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 our establishment in 2009, from 17 branches in 2011, we have expanded our presence to over 137 branches pan-India. Till date, we have served around 8.7 crore customers.  

We follow a robust multi-distribution model encompassing Bancassurance, Agency, Broking and Retail Direct Channels. 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, Agents, other financial, OEM and digital partners. We currently serve 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.