Mumbai, 06 August 2024: SBI General Insurance Company Limited, one of India’s leading General Insurance companies, and HSBC India have entered into a bancassurance partnership for the distribution of non-life insurance products. This partnership represents a significant step towards providing accessible and comprehensive insurance solutions, helping increase insurance penetration in the country.
Through this tie-up, SBI General Insurance aims to offer innovative insurance solutions to HSBC India’s customers across the country. Under this partnership, HSBC India will offer the entire suite of SBI General Insurance’s non-life insurance products including health, property, motor, and travel to its customers.
The partnership will offer a wide range of insurance solutions to meet diverse consumer needs of affluent Indians across the country through HSBC India’s branch and digital network. Customers will have convenient access to these insurance products, enhancing their overall experience and meeting their specific insurance needs effectively.
Speaking on the collaboration, Mr. Naveen Chandra Jha, MD & CEO, SBI General Insurance, said, “We are delighted to partner with HSBC India, and serve their esteemed customers across the states. With our innovative range of products and the bank’s diverse customer base, we will be able to reach a broader customer base and offer them the protection they need against various risks. Together, we are committed to providing innovative insurance solutions and exceptional service to our customers.”
Mr. Sandeep Batra, Head, Wealth and Personal Banking, HSBC India, said, “At HSBC, we continue to build out a distinctive, full spectrum offering, for our customers. HSBC is the only international bank in India offering a full suite of financial services, including banking, asset management and insurance. This bancassurance tie-up with SBI General Insurance aligns with our commitment to providing comprehensive financial solutions under one roof and deliver unparalleled value to our customers. We look forward to serving our customers with top-notch insurance products and excellent service standards.”
Combining the strength of both organisations, this partnership aims to leverage SBI General Insurance’s wide range of products coupled with HSBC India’s extensive network, providing customers, seamless access to tailored insurance solutions to safeguard their assets and well-being. This collaboration underscores the commitment of both entities to enhance customer experience and meet the evolving needs of the market effectively.
About SBI General Insurance
SBI General Insurance one of the fastest-growing private general insurance firms, backed by the robust support of SBI upholds a legacy of trust and security. We position ourselves as India’s most trusted general insurer amidst a dynamic landscape. Since our establishment in 2009, our expansion has been substantial, growing from 17 branches in 2011 to a nationwide presence of over 143 branches. In FY 2023-24, SBI General Insurance achieved significant growth, with a notable 17% increase in Gross Written Premium (GWP), reaching INR 12,731 crores.
The company has also received notable accolades including the ‘Domestic General Insurer of the Year’ – India at the Insurance Asia Awards 2023 in Singapore, recognition as one of the Best Brands 2023 at the ET Edge Best Brands events and being honoured as one of the Best BFSI Brands at the ET Now Best BFSI Brands Conclave 2024. We have also received recognition as the runner-up for Highest Growth – General Insurance at the ASSOCHAM 15th Global Insurance Summit & Awards and were named the winner in the ‘Best Large General Insurer’ category at the Mint BFSI Summit & Awards 2023.
With a team of 8,000+ employees and our multi-distribution model covering Bancassurance, Agency, Broking, Retail Direct Channels, and Digital collaborations, we are committed to providing both Suraksha and Bharosa to all our consumers. Leveraging a vast network of over 22,518+ SBI branches, agents, financial alliances, OEMs, and digital partners, we extend our services to even the most remote areas of India. Our offerings cater to Retail, Corporate, SME, and Rural segments, and our diverse product portfolio ensures accessibility through both digital and physical channels.
