SBI General launches a new health vertical with a vision of broadening access to quality and affordable healthcare across India
Pune (P&V news service):- SBI General Insurance, one of India’s leading general insurers unveiled its new health insurance vertical. The launch of the new vertical was announced in the presence of Shri Ashwini Kumar Tewari, Managing Director (IB, T & S), State Bank of India and Shri PC Kandpal, MD & CEO, SBI General Insurance, in Pune.
The company aims to leverage the expansive footprint and network of its parent company State Bank of India to further entrench health insurance penetration in Tier 3 and 4 markets across India, thereby offer affordable and comprehensive health insurance products. The company announced that through the vertical, it will manage inhouse servicing of all health insurance claims to deliver a superior and hassle-free customer experience.
Shri Ashwini Kumar Tewari, Managing Director (IB, T&S), State Bank of India, said “The industry has witnessed a significant rise in the demand for health insurance, especially in the wake of the pandemic. In this scenario, I am glad that SBI General is scaling their focus on health insurance business through this new health insurance vertical. The core objective behind this new step is to make health care available across the length and breadth of the country at an affordable cost. It is of utmost important to increase the penetration of health care in tier 3 & 4, which will be enabled through SBI’s distribution strength. With all the enablers we are aiming for SBI General to be among the top three general insurance companies for health in next three years.”
Speaking on the launch Shri PC Kandpal, MD & CEO, SBI General said “The launch of the new health insurance vertical will enable us to meet the rising demand of health insurance, and to provide best-in-class customer service.
Through this vertical, we will manage all health-related claims in-house, thereby enhancing the customer experience and will be able to reach the market segments with a dedicated health sales agency. We will continue our product innovation journey and introduce need-based health insurance products that cater to the evolving customer needs. We will also expand our strategic partnerships to strengthen our network of providers, thereby benefiting customers across the country.”
The pandemic has underscored the importance of health insurance and staying financially secured against health conditions that emerge across different life-stages. With the growing demand for health insurance, SBI General has witnessed a growth in adoption of its health insurance products. It has also recorded a strong performance in the health insurance segment with a 50% growth in GWP in FY 21-22.
