SBI General Insurance sets target of 30% spike in premium collection

SBI General Insurance is also investing heavily in digital, partnership and analytics space, says MD Pushan Mahapatra

Non-life insurer SBI General Insurance Company Ltd aims for 30 per cent growth this fiscal, over Rs 4,717 crore Gross Written Premium (GWP) clocked in 2018-19.

“The premium collection in the last fiscal was Rs 4,717 crore. We aim to grow by about 30 per cent during the financial year. The general insurance industry is expected grow 13 to 15 per cent during the financial year and SBI General Insurance aims to grow by 200 per cent compared to industry”, Pushan Mahapatra, managing director and chief executive officer of SBI General Insurance, told media persons.

A joint venture of State Bank of India (SBI) with Insurance Australia Group (IAG), SBI General Insurance Company launched operations in 2010.

Nine years into the general insurance business, SBI General Insurance is not averse to the option of going public. “The matter is under active consideration and the IPO (initial public offering) will happen at the right time”, Mahapatra said.

The insurer is also investing heavily in digital, partnership and analytics space, he added. SBI General Insurance has partnered the Policy Bazaar with for selling travel insurance.

“We expect five per cent of our sales from online channels in the next three years,” Mahapatra said.

Meanwhile, the general insurer has received 1061 claims intimations in Odisha, which was affected by extremely severe cyclonic storm Fani. The insurer claimed it has achieved 66 per cent disposal ratio with a turnaround time of 8.5 days.

“We are determined to help the people in Odisha who have unfortunately been the victims of Cyclone Fani. With an objective of extending a helping hand, we streamlined the process and sent additional man power from Mumbai, Delhi, Bangalore, Chennai for faster processing of claims. Till date, we have concluded 702 claims in Odisha. The total claim amount disbursed as on date to the customers is Rs 13.3 crore – which includes Rs three crore interim payments to assist in repair and reinstatement of the damaged properties”, Mahapatra said.

The company devised a special feature - ‘FastTrack’ claims process with special waivers for claims up to Rs 10 lakh with the intension of easing the claim process for applicant.