The company said that it 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.
In yet another step towards scaling up its healthcare business, SBI General Insurance launched its new health insurance vertical on Wednesday. The company said that it aims to leverage the expansive footprint and network of its parent company State Bank of India (SBI) to further entrench health insurance penetration in Tier 3 and 4 markets across India, thereby, offer affordable and comprehensive health insurance products. Through the vertical, it will manage inhouse servicing of all health insurance claims to deliver a superior and hassle-free customer experience, the company said in a statement.
“The industry has witnessed a significant rise in the demand for health insurance, especially in the wake of the pandemic. 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,” Ashwini Kumar Tewari, Managing Director (IB, T&S), SBI, said.
“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,” he added.
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 per cent growth in GWP in FY21-22.
“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,” PC Kandpal, MD & CEO, SBI General said.
“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,” added Kandpal.