The non-life subsidiary of State Bank of India feels that along with the growing awareness for insurance cover, the Budget measures are also likely to have a positive rub-off effect on the SME segment for growth.
“SME has always been one of our pillars of growth because of the natural connect we have through our bancassurance channel. This year also we had a very good growth. We are expecting stronger growth from next fiscal,” Pushan Mahapatra, Managing Director and CEO, SBI General Insurance, told.
With changing needs and regulatory push in the health segment, the company is undertaking an overall review of its health products in order to make them more attractive and plug some gaps. Upgrades will come during the next fiscal, said Mahapatra.
The company has seven products in the health segment with sum assured ranging from Rs1 lakh to Rs50 lakh. It seeks to give a bigger push in the sub-Rs5 lakh health policy category, which holds huge potential.
During the first nine months of this fiscal, the company sold more than four lakh health policies, of which a major chunk was in the sub-Rs5 lakh sum assured segment.
SBI General expects stronger growth in the home segment too. “Only 3 per cent of the dwelling units in the country are insured. We have also got approval for our home contents policy and that will be rolled out next fiscal,” he said.
Source: The Hindu Business Line