SBI General Insurance and Jana Small Finance Bank forge Bancassurance Partnership to increase insurance penetration

Bengaluru, 21st May 2024 – SBI General Insurance, one of India’s leading General Insurance companies, have entered into a strategic bancassurance partnership agreement with Jana Small Finance Bank, a leading financial institution in India, to facilitate the distribution of non-life insurance products.

Under this strategic partnership, SBI General Insurance will offer a diverse range of general insurance products to Jana Small Finance Bank’s customers. These products will encompass a wide spectrum of insurance solutions, including health, personal accident, home, motor, and travel insurance. Additionally, the partnership will extend to the provision of commercial line insurance products, such as property, marine, and engineering insurance, catering to the diverse needs of businesses and enterprises.

This strategic alliance underscores SBI General Insurance’s commitment to enhancing its distribution network, improving customer accessibility and achieving new milestones in the insurance sector. By leveraging Jana Small Finance Bank’s extensive customer base through its wide spread branch networks across 24 states and Union Territories, SBI General Insurance aims to strengthen its market presence and serve a broader segment of the population with tailored insurance solutions.

Mr. Kishore Kumar Poludasu, MD & CEO, SBI General Insurance said, “We are delighted to announce our partnership with Jana Small Finance Bank, a pivotal step forward in our mission to offer comprehensive insurance solutions to customers across India and contribute to increasing insurance penetration nationwide. The combination of our user-friendly products along with Jana Small Finance Bank’s offerings will empower customers to accomplish their financial objectives.”

Mr. Ajay Kanwal, MD & CEO, Jana Small Finance Bank said, “We, at Jana Small Finance Bank, are committed to become anchor bank to our customers and offer them varied financial products and solutions. Our partnership with SBI General Insurance will help increase the range of products available to our customers and we see a big need for our customers and their businesses.”

With a shared vision of customer-centricity and innovation, SBI General Insurance and Jana Small Finance Bank are poised to redefine the landscape of general insurance distribution in India. This strategic collaboration represents a significant milestone in both organizations’ endeavors to empower individuals and businesses with robust insurance protection.