SBI General launches a new health vertical with a vision of broadening access to quality and affordable healthcare across India

• SBI General launches a new health vertical with a vision of broadening access to quality and affordable healthcare across India
• New health vertical offers in-house claims servicing to enhance customer experience and a dedicated sales agency to enable increase in reach of health insurance to a larger market segment
• SBI General aims to emerge among the top companies in health insurance segment among general insurers over the next 3 years
• Announced a tie-up with Apollo 24x7, offering various services to SBI General’s customers
• Embarked the day with donation of a mobile health van to support health camps in the interior part of the country

Mumbai/Pune: June 01, 2022: SBI General Insurance, one of India’s leading general insurers unveiled its new health insurance vertical today. 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.

To further its focus on health insurance, SBI General Insurance has partnered with Apollo 24/7, one of India’s largest omnichannel digital healthcare providers. This partnership is to offer access to various services offered by Apollo 24/7 to SBI General’s customers. These services include tele/video medical consultations from over 9000+ verified Apollo doctors anywhere, at any time, with specialists across fields.  The collaboration will help in simplifying customers' medical journey by providing digital health records through a digital vault, a tech-enabled concierge service for Apollo 24/7 Services, online consultations with nutritionists from Apollo experts for diet planning and nutrition management and promoting healthy eating habits to prevent and treat illnesses. These benefits and services can be availed under the ‘SBI General Sanjeevani’ section on SBI General mobile app.

To embark the health vertical launch and align with the Company’s commitment to secure people across the country during health exigencies, SBI General has joined hands with Sevamob, an organisation working extensively to address health issues faced by women, children, and senior citizens in North India, especially Uttar Pradesh. Through this association, SBI General has donated a mobile health van to the NGO today. It will also extend support to host health camps in the interior regions of UP during the year, impacting over 25,000 beneficiaries.

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 over 10 crore customers. We have been awarded ‘Insurer of the Year’ in the non-life category at FICCI Insurance Industry Awards, for two consecutive years.

We have a robust multi-distribution model encompassing Bancassurance, Agency, Broking, Retail Direct Channels and Digital tie-ups. The widespread network of distributors like 22000 plus SBI branches, Agents, Other financial alliances, OEMs, and multiple digital partners enables us to extend our reach to the pocketed remote areas of India.

We offer a bouquet of products spread across wide range of line of businesses to cater to customers in all segments like Retail, Corporate, SME and Rural, ensuring the accessibility in both forms i.e., digital as well as physical.

Our CSR programme is driven by the mission of serving the most vulnerable communities and people at risk with sustainable interventions that can help in enhancing their lives. In line with this objective, we have been associating with various NGOs and/or programs to contribute to various areas aligned with our focus areas of CSR philosophy, like health, road safety, sanitation, education, sustainability & livelihoods, and sports.

SBI General Insurance reported a 11% growth in Gross Written Premium (GWP) in FY 2021-22 and the GWP stood at INR 9260 crore. With the increasing need of health insurance, we have a very channelized strategy for health insurance business, which has reflected in 50% growth in health insurance GWP for the FY2021-22.