On December 9, 2020 SBI General Insurance Company Limited entered into a strategic partnership with Mahindra Insurance Brokers Ltd. (MIBL) to increase the insurance penetration in tier 2 & 3 cities(Rural Indian Cities ). MIBL has collaborated with SBI General Insurance under its ‘Sajhedaari program’.
Objective-To increase insurance penetration in the under-served and under-penetrated rural areas of India.
About the Association
i.This association enables the company to offer health insurance cover to people in tier-II and III cities and also generate employment.
ii.Through this association SBI General Insurance and MIBL will empower people with knowledge about health insurance policies and its access.
iii.This association marks a notable milestone for SBI General in realizing its vision to become the most trusted general insurer for a transforming India.
iv.As per the Insurance Regulatory and Development Authority, insurance penetration in India is only 11% and in rural areas, it is lesser than 10%
About Sajhedaari program:
i.It is a unique partnership program designed to identify, train and develop a team of certified Point of Sales Persons (PoSPs) to distribute insurance through a combination of physical and digital (phygital) modes.
ii.It will also enable deeper insurance penetration in India.
iii.The PoSP model is regulated by the Insurance Regulatory and Development Authority of India (IRDAI).
iv.It aims to train more than 1 lakh people as PoSP across India by 2023 to sell insurance using end-to-end digital processes.
Other Partnership of SBI General & MIBL
- SBI General has partnered with MIBL for the new car, commercial vehicle, tractors and used cars and provides vehicle Insurance with several add-ons for the customers.
- SBI General has associated with PAYBIMA, a digital platform by Mahindra Insurance Brokers to provide affordable insurance solutions.
Recent Related News:
Canara HSBC Oriental Bank of Commerce(OBC) Life Insurance Company Limited(Canara HSBC OBC Life Insurance)and Andhra Pragathi Grameena Bank (APGB) have entered into a strategic tie up virtually. The distribution tie up is to sell life insurance, health and pension products at all the branches of APGB. It is the 1st virtual launch of Canara HSBC OBC Life Insurance tie up with APGB.
About Mahindra Insurance Brokers Ltd (MIBL):
It is an 80% subsidiary company of Mahindra & Mahindra Financial Services Ltd.
HeadOffice– Mumbai, Maharashtra
Chairman of MIBL & Principal Advisor, Mahindra & Mahindra Ltd.-Rajeev Dubey
Managing Director(MD)– Dr. Jaideep Devare
Set up– 2004
About SBI General Insurance Company Limited:
It commenced its operations in 2010 as a Joint Venture(JV) between State Bank of India (SBI) and Insurance Australia Group (IAG). SBI owns 70% of the total capital.
Headquarters– Mumbai, Maharashtra
Promoters– SBI and Premji Invest
MD & Chief Executive Officer(CEO)– Shri Prakash Chandra(P.C.) Kandpal