SBI General Insurance signs bancassurance partnership with Jana Small Finance Bank to increase insurance penetration

SBI General Insurance, Jana Small Finance Bank

SBI General Insurance, one of India’s top general insurance firms, has signed a strategic bancassurance collaboration agreement with Jana Small Finance Bank, a leading financial institution in India, to facilitate the sale of non-life insurance products.

Under this strategic relationship, SBI General Insurance will provide Jana Small Finance Bank customers with a comprehensive variety of general insurance products. These products will include a broad range of insurance options, such as health, personal injury, house, auto, and travel insurance. In addition, the alliance will provide commercial line insurance products such as property, marine, and engineering insurance to meet the diversified demands of businesses and enterprises.

This strategic agreement demonstrates SBI General Insurance‘s dedication to expanding its distribution network, boosting consumer accessibility, and breaking new ground in the insurance industry. SBI General Insurance intends to increase its market position and serve a greater segment of the population with bespoke insurance solutions by leveraging Jana Small Finance Bank’s extensive customer base through its wide-ranging branch networks throughout 24 states and Union Territories.

Kishore Kumar Poludasu, MD & CEO, SBI General Insurance said, “We are delighted to announce our partnership with Jana Small Finance Bank, a pivotal step forward in our mission to offer comprehensive insurance solutions to customers across India and contribute to increasing insurance penetration nationwide. The combination of our user-friendly products along with Jana Small Finance Bank’s offerings will empower customers to accomplish their financial objectives.”

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Ajay Kanwal, MD & CEO, Jana Small Finance Bank said, “We, at Jana Small Finance Bank, are committed to become anchor bank to our customers and offer them varied financial products and solutions. Our partnership with SBI General Insurance will help increase the range of products available to our customers and we see a big need for our customers and their businesses.”

SBI General Insurance and Jana Small Finance Bank share a goal of customer-centricity and innovation, and they are prepared to transform the landscape of general insurance distribution in India. This strategic alliance is a significant step forward in both organisations’ efforts to provide individuals and businesses with comprehensive insurance cover.

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