Saturday, 23 March 2019

Targeting 25% growth in new business premium: SBI Life CEO

SBI Life Insurance had seen 15% growth in the new business premium income and was aiming at growing 10% further by the end of the fiscal. The insurance firm was in the process of designing a product specifically for a lifestyle disease, said Sanjeev Nautiyal, MD and CEO, here on Thursday.

Mr. Sanjeev exclusively spoke to The Hindu, after inaugurating an SBI Life office in Vijayawada. He said the company was trying to bring in a bunch of combo products to contribute to growth. “We’ve seen a good growth in the new business premium income which is at 15% by the end of the first quarter. Going by the business trends, we are confident that it will be 25% at the end of the fiscal which will be very satisfactory for the investors and analysts.”

Announcement soon

“Of late people want cover for specific aspect or disease. We are designing a product for a lifestyle disease which is predominantly present across the country. We will announce it shortly,” he said. It was given to understand that cancer, diabetes and cardiac arrest are among the diseases under examination.

Besides, the company was also planning combo products to attract customers. The ULIP and protection, traditional policy with protection and a couple of other combinations would be among those. The company aimed at advertising and selling these products to its SBI account holders such as the employees of the ONGC, the NTPC, the IOC etc.

New initiative

on the anvil

To aid growth, the insurance firm is attempting tie ups with commercial banks for bancassurance services. The attempts might fructify before the end of this year, said Mr. Sanjeev. “We are participating in tendering process for the tie up. The UCO Bank, the Allahabad Bank and the Punjab State Cooperative Bank are among the ones in the list. We will clinch some of them in this fiscal.” The Credit Life Insurance business had immense potential and was doing well, he said.

The SBI Life will be hiring 50 more people for the South Indian Bank and the Punjab and Sind Bank, the entities it partnered with in the last fiscal to sell the products. “We already have 100 people working at our partners’ facilities.” Mr. Sanjeev said.


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