SBI General Insurance Enters into a Comprehensive Bancassurance Deal with Karnataka Gramin Bank

Published On Sep 16, 2019 12:00 AM By Sakshi Aggarwal

One of the leading general insurance companies in India, SBI General Insurance has announced bancassurance tie-up with Karnataka Gramin Bank in order to serve the customers with a bunch of general insurance plans.

The partnership will help SBI General Insurance to increase the number of distribution channels particularly in the south and sell the products in all Karnataka Gramin Bank’s branches. The insurer will also be benefitted by the vast local presence of Karnataka Gramin Bank.

MD and CEO of SBI General Insurance, Pushan Mahapatra believes that bancassurance channel is capable of reaching out extensively to cater to the untouched markets which will, in turn, spread awareness regarding insurance in India.

“At SBI General insurance, we strive to reach out to the furthest part of the society and spread awareness on insurance, and this partnership is in line with our objective”, Mahapatra shares. He believes that this tie-up will use the strengths of both the companies to the maximum advantage by making available comprehensive general insurance products to the customers of Karnataka Gramin Bank.

The largest RRB in India, Karnataka Gramin Bank has 1167 branches in 21 districts in Karnataka. With a turnover of Rs. 46,500 Crore, the Bank is servicing nearly 1.58 crore customers in Karnataka. SME customers present in rural, urban as well as semi-urban areas in Karnataka will be included in the beneficiary deal.