SBI General Insurance, announced the launch of its new health insurance division. In Pune, Shri Ashwini Kumar Tewari, Managing Director (IB, T&S), State Bank of India, and Shri PC Kandpal, MD & CEO, SBI General Insurance, announced the opening of the new vertical.
The company intends to use its parent company State Bank of India‘s extensive reach and network to further establish health insurance penetration in Tier 3 and 4 markets across India, allowing it to offer inexpensive and comprehensive health insurance solutions. The company announced that it will manage in-house servicing of all health insurance claims through the vertical to provide 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.”
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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.”
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