Tag: SBI General Insurance

News

SBI General Unveils Bima Central: A Revolutionary Step in Customer Experience

May 16, 2024 by Sujata Muguda 0 Comments #Bima Central, #Mr. Kishore Poludasu, #SBI General Insurance

Mumbai, 14th May 2024 – SBI General Insurance Company Limited, one of India’s leading General Insurance companies has collaborated with Bima Central, developed by CAMS Insurance Repository, to introduce the first industry-wide policyholder servicing platform, Bima Central. This platform allows customers to aggregate their insurance portfolio through an electronic Insurance Account (eIA) and conveniently manage it through a one-stop digital platform i.e. BIMA Central.

For the first time in the industry, SBI General Insurance policyholders with an eIA through CAMS Rep Bima Central will be able to access their insurance portfolio directly through the SBI General Insurance Mobile App. Additionally, they can access these services through the Bima Central app.

Mr. Kishore Poludasu, MD & CEO, SBI General Insurance said, “We are excited to unveil a game-changing innovation in the industry with the launch of Bima Central, a unique platform offering seamless management of the entire insurance portfolio on the SBI General Insurance Mobile App. This pioneering initiative underscores our steadfast commitment to enhancing customer convenience and comfort through state-of-the-art technologies. It also positions SBI General as a leader in delivering industry-first innovation through cutting-edge technologies.

By harnessing platforms like Bima Central, we are not just improving access to customer information but also raising the bar in policyholder experience. This progress highlights our dedication to delivering unmatched service and value to our customers, ensuring their insurance requirements are fulfilled smoothly and effectively.”

SBI General Insurance has established a two-way integration with Bima Central, allowing policyholders a single window, integrated access to aggregated insurance benefits for eIA holder. The platform will:

  • Provide a consolidated view of insurance protection & investment – Visualizing what you have.
  • Making the benefits real (tangible) and visible – insurance delivered as it must.
  • The platform currently supports a range of endorsements– includes beneficiaries, nominees & family members with more functionalities being getting added.

SBI General Insurance’s endeavor is to issue all retail line of business policies in electronic format, which can be credited to the respective policyholder’s e-Insurance account (eIA). In cases where policyholders do not already have an eIA, one shall be encouraged to open through Insurance Repository to enable their digital insurance servicing journey.

News

SBI General Insurance Achieves 17% Revenue Growth, 30% Profit Increase in FY 23-24

Apr 25, 2024 by Sujata Muguda 0 Comments #Mr. Kishore Kumar Poludasu, #Profit Before Tax, #SBI General Insurance

Mumbai, April 25th, 2024: SBI General Insurance, one of India’s leading General Insurance companies, announced its financial results for FY 23-24. The Company continued to sustain its strong growth momentum, recording a profit before tax of INR 319 crores for FY 23-24, a growth of 30% from FY23. The Company also demonstrated strong growth in overall business clocking a Gross Written Premium (GWP) of INR 12,731 crores – a growth of 17% over the previous year.

The Company’s diverse product portfolio, distribution reach, brand and cost optimization has helped deliver these numbers. The retail business led by Motor and Health have shown strong growth. SBI General Insurance continues to be No. 1 in the Personal Accident segment in the private market, along with its strong presence in various lines of business including Health, Home, Crop, Commercial and Motor.

The Company witnessed strong top line growth and the Profit Before Tax (PBT) stood at INR 319 crores in FY 23-24 as compared to INR 244 crores in FY 22-23. Its solvency ratio stood at 2.25, signifying its strong financial position against the minimum regulatory requirement of 1.50 times.

Commenting on the Company’s performance, Mr. Kishore Kumar Poludasu, MD & CEO, SBI General Insurance, said, “At SBI General, we have been consistently growing faster than the market. The company has registered a strong growth with GWP of INR 12,731 crores in FY 23- 24, in just 14 years of operations. This remarkable feat is a testament to our diversified product portfolio, distribution strength, leveraging technology, and our relentless dedication to customer centricity. As we strive to the objective of making insurance available to all, we remain committed to creating simple value-oriented products that leverage the trust customers have in our brand.”

Mr. Jitendra Attra, CFO, SBI General Insurance, said “Our financial results reflect our commitment to building long term value through profitable growth for stakeholders. The Company’s profit growth by 30%, reflects our financial health and also the work done in improving productivity, improving opex ratios and focus on delivering customer value.”

Disclaimer: Information in this release is for informational purposes only. While we aim for accuracy, we can’t guarantee completeness or suitability for specific purposes. Reliance on this information is at your own risk.

Business

SBI General Insurance launches #BahaneChhodoTaxBachao; a quirky Vox Pop campaign on Save Tax with Health Insurance

Jan 5, 2022 by Gouri Achary 0 Comments ##BahaneChhodoTaxBachao, #Save Tax with Health Insurance, #SBI General Insurance, #Shefali Khalsa, #Vox Pop campaign

SBI General Insurance - Logo

05th January 2022, Mumbai: SBI General, one of India’s leading General Insurance company announced the launch of its awareness campaign “#BahaneChhodoTaxBachao”. The campaign aims to increase the awareness of how buying health insurance can help people save tax which is crucial and seasonal in the last quarter of the financial year for all Indians. The campaign will also underline the other benefits of opting for health insurance.

In the quirky Vox Pop format, the anchor Rudraksh Singh aka Rudy is seen travelling across major cities like Mumbai, Bangalore, Delhi and Kolkata and asks the lamest excuse that people have to offer for not buying/opting for health insurance. The idea here is to find out ‘India ka lamest excuse’ for not opting for a health insurance.

The pandemic has caused a significant increase in insurance awareness and adoption. However, India still has vast scope for penetration of Health Insurance. It is a priority rather than a choice of option since it not just prevents a medical emergency from turning into a financial crisis but also comes with the double benefit of saving tax under section 80D.

Commenting on the campaign, Shefali Khalsa, Head – Brand and Corporate Communications, SBI General Insurance, said, “At SBI General, we are cognizant of the fact that while there is an increase in the awareness level for health insurance, but a major part of the population is still underinsured. Additionally, there is a lack of awareness that health insurance can also help save tax under section 80 D of the Income Tax laws of India. This was the core brief for the new #SaveTax Campaign launched by SBI General riding on #BahaneChhodoTaxBachao.”

 “We have tried relatable approaches in the past like communicating through rap songs that appeal to the youth as well. This year we wanted to address the excuses people make and still be relatable. The campaign has a humorous tone to bring out the barriers people have for not buying or procrastinating to buy health insurance.”, she added

 

PC Kandpal, MD & CEO, SBI General Insurance,
Business

SBI General Insurance launches #7MinutesToGoodHealth, a health initiative

Sep 27, 2021 by Rekha Nair 0 Comments #MD & CEO, #PC Kandpal, #SBI General Insurance

Mumbai: SBI General, one of India’s leading General Insurance companies has launched a distinctive health program, “7 Minutes to Good Health”. Through this easy and effective guided program, the Company reiterates its commitment towards health on a larger scale.

Health focus has always been a priority for SBI General. With this initiative SBI General encourages people to practice 7 minutes of right breathing techniques daily which will help them transform their body and mind.

With this initiative, SBI General also unveils its new brand association with Vidya Malvade, an actor and yoga enthusiast, who will be the face for this health property and will be showcasing the right breathing techniques in the guided video and many live sessions on social media platforms.

SBI General Insurance has partnered with The Yoga Institute, the oldest centre of yoga in the world to curate this guided health program.

This is a nationwide health awareness initiative by SBI General.

PC Kandpal, MD & CEO, SBI General Insurance, said, “In the current situation, securing health has become more important than ever before. This was the backdrop for us in ideating this initiative of #7MinutestoGoodHealth. On the other hand, we have also considered the retrospective view that in our fast-paced lives, we may or may not have time to squeeze in a long workout regimen but sparing just 7 minutes a day is still possible. #7MinutesToGoodHealth allows you to transform your body and mind in just 7 minutes a day routine.”

#7MinutesToGoodHealth by SBI General Insurance is all about simple 7-minute breathing program that can help with many health benefits.

SBI General Insurance launches 24X7 Healthline for its health insurance customers
Business World, Health, News

SBI General Insurance launches 24X7 Healthline for its health insurance customers

Apr 20, 2021 by Rekha Nair 0 Comments #MD and CEO, #Mr. P C Kandpal, #SBI General Insurance

Hyderabad: SBI General Insurance, one of the leading general insurance companies in India, has announced the launch of its ‘24X7 Healthline’, a helpline for its health insurance customers. ‘Healthline’ has dedicated tollfree number and mobile number that will be attended by customer service team 24×7 to address the queries of SBIG customers related to health policies.

SBI General is helping customers with queries related to any of their health policies ranging from policy covers to the claims process with this health line.

Mr. P C Kandpal, MD and CEO, SBI General Insurance, said, “At SBI General, customers are always at the center of everything we do with a ‘Customer First’ approach. Considering the situation with regard to the pandemic, we felt our customers would need servicing and support for their health insurance. Hence, through this ‘Healthline’ we intend to strengthen our commitment to our customers by being there to answer all their health policy related queries at any hour.”

Mr PC Kandpal, MD and CEO, SBI General Insurance at Sangopita
Business World

SBI General Insurance Celebrates Women’s Day at Sangopita – ‘A Shelter for Care’

Mar 9, 2021 by Neel Achary 0 Comments #SBI General Insurance

Hyderabad, March 08, 2021: On the occasion of the International Women’s Day, SBI General Insurance reiterated its focus on social welfare and women empowerment by felicitating the female staff at Sangopita – ‘a shelter for care’. On this day, a small function was organised to felicitate the women employees at Sangopita.

Mr. PC Kandpal, MD and CEO, SBI General Insurance, said, “At SBIG, we strongly believe in giving back to the society with our CSR philosophy. One of the focus areas that we contribute to is on the uplifting and empowering individuals with special needs. We have been associated with Sangopita for the past two years now. Sangopita supports and enables the specially abled, the intellectually and the physically challenged, adults and children from the underprivileged homes, to live a life of dignity, at their Centre. We took the International Women’s Day as an opportunity to felicitate the women staff of the Centre, acknowledging their courage and determination in supporting the society.”

Located in remote rural Badlapur, Sangopita is serving a social cause by offering committed service and nurturing people with special needs. As a part of its Corporate Social Responsibility initiative, SBI General Insurance has been associated with Sangopita enabling the ‘nurturing of special needs persons’ at the Sangopita Home, and providing speech, occupational, and physiological therapies to individuals with special needs. In addition, and as part of the project, SBI General Insurance also supports the operational and medical expenses of the team.

SBI General signs Corporate Agency with Indian Overseas Bank
Business World, News

SBI General Insurance signs Corporate Agency Agreement with Indian Overseas Bank

Mar 2, 2021 by Rekha Nair 0 Comments #Indian Overseas Bank, #MD & CEO, #SBI General Insurance, #Shri Partha Pratim Sengupta MD &CEO, #Shri PC. Kandpal

Hyderabad/Chennai: SBI General Insurance, one of the leading General Insurance Companies in India, and Indian Overseas Bank (IOB), a major public sector bank has signed a bancassurance agreement for distribution of non-life offerings. Through the alliance, SBI General will offer a range of general insurance solutions and innovative products to IOB customers.

IOB operates from Chennai, with 3200 Plus branches across the country and with overseas presence.

Speaking on occasion, Shri PC. Kandpal, MD & CEO, SBI General Insurance said, “Our association with IOB shall further strengthen our reach and will help us in achieving another milestone for our mission of insuring Bharat. IOB’s extensive reach in Tamil Nadu region will help in wide distribution of products to customers in the region. With this tie-up, we will offer well researched, unique, and customer-friendly products to IOB customers.”

He further adds, “The partnership will improve penetration in urban, Tier II, and Tier III markets and will also help create awareness about personal lines of insurance.”

Shri Partha Pratim Sengupta MD &CEO, Indian Overseas Bank said, “We are delighted to partner with one of the leading players in General Insurance businesses- SBI General Insurance. We will efficiently nurture it to be a long running mutually beneficial relationship. This tie-up will help expand our bouquet of Insurance product to our consumers.