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SBI General Insurance and Jana Small Finance Bank forge Bancassurance Partnership to increase insurance penetration

May 22, 2024
Banking & Finance

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Mumbai, 21st May 2024 – SBI General Insurance, one of India’s leading General Insurance companies, have entered into a strategic bancassurance partnership agreement with Jana Small Finance Bank, a leading financial institution in India, to facilitate the distribution of non-life insurance products.

Under this strategic partnership, SBI General Insurance will offer a diverse range of general insurance products to Jana Small Finance Bank’s customers. These products will encompass a wide spectrum of insurance solutions, including health, personal accident, home, motor, and travel insurance. Additionally, the partnership will extend to the provision of commercial line insurance products, such as property, marine, and engineering insurance, catering to the diverse needs of businesses and enterprises.

This strategic alliance underscores SBI General Insurance’s commitment to enhancing its distribution network, improving customer accessibility and achieving new milestones in the insurance sector. By leveraging Jana Small Finance Bank’s extensive customer base through its wide spread branch networks across 24 states and Union Territories, SBI General Insurance aims to strengthen its market presence and serve a broader segment of the population with tailored insurance solutions.

Mr. Kishore Kumar Poludasu, MD & CEO, SBI General Insurance said, “We are delighted to announce our partnership with Jana Small Finance Bank, a pivotal step forward in our mission to offer comprehensive insurance solutions to customers across India and contribute to increasing insurance penetration nationwide. The combination of our user-friendly products along with Jana Small Finance Bank’s offerings will empower customers to accomplish their financial objectives.”

Mr. Ajay Kanwal, MD & CEO, Jana Small Finance Bank said, “We, at Jana Small Finance Bank, are committed to become anchor bank to our customers and offer them varied financial products and solutions. Our partnership with SBI General Insurance will help increase the range of products available to our customers and we see a big need for our customers and their businesses.”

With a shared vision of customer-centricity and innovation, SBI General Insurance and Jana Small Finance Bank are poised to redefine the landscape of general insurance distribution in India. This strategic collaboration represents a significant milestone in both organizations’ endeavors to empower individuals and businesses with robust insurance protection.

About SBI General Insurance

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; with a vision to become the most trusted general insurer for a transforming India.

Ever since our establishment in 2009, our growth has been exponential in various aspects. We have expanded our presence from 17 branches in 2011 to over 143 branches pan-India.

We have been awarded the ‘Domestic General Insurer of the Year’ – India at the Insurance Asia Awards 2023 Singapore. Additionally, we were also recognized as one of the Best Brands 2023 at the ET Edge Best Brands 2023 and one of the Best BFSI Brands at the ET Now Best BFSI Brands Conclave 2024. Furthermore, we were recognised as Highest Growth – General Insurance runner up at ASSOCHAM 15th Global Insurance Summit & Awards and the winner in the ‘Best Large General Insurer’ category at the Mint BFSI Summit & Awards 2023.

We have a robust multi-distribution model encompassing Bancassurance, Agency, Broking, Retail Direct Channels and Digital tie-ups. The widespread network of distributors like 22518 plus SBI branches, Agents, other financial alliances, OEMs, and multiple digital partners enable us to extend our reach to the pocketed remote areas of India. We offer a bouquet of products spread across various lines of businesses that cater to customers across all segments like Retail, Corporate, SME and Rural, ensuring accessibility via digital as well as physical modes.

SBI General Insurance reported a 17% growth in Gross Written Premium (GWP) in FY 2023-24 and the GWP stood at INR 12,731 crores.

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About Jana Small Finance Bank:

Jana Small Finance Bank, a scheduled commercial bank, is the 4th largest Small Finance Bank in India with an experience of over 16 years in lending and serving more than 12 million customers. The Bank was launched in March 2018, is a solid combination of a digital institution and national presence across 22 states and 2 union territories, spread across 808 branches. From its origin of being a NBFC-MFI, the bank has transformed steadily over the years, leading to 60% of its lending book being secured, mostly backed by mortgages. The Bank has created a fast growing retail deposit franchise with a strong brand presence and high standards of customer service. The bank’s management team has an average experience of 24 years with a reputed and well-rounded Board.

We have been awarded the National Best Employer and Dream company to work For By World HRD Congress 2023. Additionally, we were also recognized as Best Data Quality Award By TransUnion CIBIL in 2023 and Best Fintech & DPI Adoption by IBA (Indian Banking Association) in 2023. Furthermore, in the year 2024 we were awarded with Regional Winners: Asia by IBS Intelligence.

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