SBI General Insurance, one of India’s leading General Insurance companies, inked a Memorandum of Understanding (MoU) with Maharashtra State Rural Livelihood Mission (MSRLM), Government of Maharashtra to boost insurance penetration in rural India.
The MoU aims to serve the underpenetrated insurance markets of rural India by effectively utilising MSRLM’s broad network spread.
Parmeshwar Raut, Chief Executive Officer, MSRLM said, “This strategic tie-up will enable us to make simple and affordable insurance solutions accessible via the state network thereby providing solutions to the various risks faced by them.”
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He said, “Customers residing in remote areas will be able to easily access insurance products through the Cluster Level Federations (CLFs)/Self Help Groups (SHGs). This step will be a significant milestone in impacting lives across various segments of the society”.
Priya Kumar, Business Head-Emerging Markets said, “SBI General has been focusing on “Bharat” as a part of the core strategy. It’s an honour to associate with Maharashtra State Rural Livelihood Mission (MSRLM) as a preferred partner to focus on providing secure solutions for various risks faced by the Customers.”
“Given the fact that insurance penetration especially in the non-life segment is extremely low, associations such as these will provide a boost to insurance take up,” Priya added.
The agreement was signed in the presence of Parmeshwar Raut, CEO, MSRLM, Dhanwant Mali, Under Secretary, MSRLM, Mahesh Karande, Deputy Director (Account), MSRLM, and State Mission Managers as well as Priya Kumar, Business Head, Emerging Markets, Rural & Agriculture, SBI General, M.K Balachandran, Head, Rural Retail & Microinsurance along with their team.