SBI General (SBIG) Insurance has collaborated with India’s largest insurtech market place, Policybazaar.com to sell SBI Travel Insurance (Business & Holiday), its latest travel insurance offering. The latest offering from the SBIG stable has been engineered to provide a 360* protection shield for consumer undertaking overseas travel for leisure or business.
The travel plan available on Policybazaar portal is designed to cater to a wide segment of consumers across all age groups, for travel duration up to 180 days.
Commenting on the collaboration with SBIG Insurance, Tarun Mathur, Chief Business Officer, General Insurance, Policybazaar.com said, “SBIG Insurance is a prestigious entity having a diverse product portfolio. We are delighted to forge a relationship with them. The association not only augurs well for us but also the Indian consumers as it has the potential to enhance the reach of the offering and also empower the Indian consumers to purchase a product that scores well on the customer-centricity parameter.”
In addition to travel support benefits like the loss of passport or baggage, trip cancellation and trip delay which are covered up to USD 2,000, the product caters for expenses incurred on overseas hospitalization caused due to an illness, disease or an injury sustained during an overseas journey up to USD 0.5 million. The plan also provides global assistance services such as medical evacuation in case of medical emergency, repatriation of mortal remains, political or catastrophe triggered emergency services, emergency cash advance etc.
Commenting on the partnership and its movement towards the online platform, Sujatha Aroon, Head – Renewals, Direct & Digital, SBI General Insurance said, “Digital platform is a very essential part of today’s world and associating with the best will only show growth in the future. Our Travel Insurance is one of the most comprehensive policies in the industry. We have seen an increase in the customer base who prefer buying insurance online. This association will not only expand our reach but also help us penetrate through the online segment of customers. Policybazaar is the most trusted online portal for buying & selling insurance policies and we are proud to be associated with them.”
Drawing on the SBIG Insurances experience and robust network globally, the travel plan will offer a dedicated 24*7 helpdesk and toll-free numbers for availing assistance in US and Canada.
About SBI General Insurance
SBI General Insurance Company Limited commenced its operations in the year 2010 and is a joint venture between State Bank of India and Insurance Australia Group (IAG).
The company offers a complete suite of products ranging from Motor, Health, Personal Accident, Travel and Home Insurance in the retail space and products like Aviation, Fire, Marine, Package, Construction & Engineering and Liability Insurance in the commercial space.
SBI General Insurance follows a robust multi-distribution model encompassing Bancassurance, Agency, Broking and Retail Direct Channels. Today, SBI General’s Distribution family includes over 21,000 IRDA certified employees including the State Bank Group employees, and over 8,000 Agents to make insurance easily available even in the remote areas of the country.
SBI General Insurance has established its presence in nearly 23000 branches of State Bank Group. The company’s current geographical exposure covers 110+ cities pan India with a presence of another 350+ locations through satellite resources. SBI General Insurance is currently serving three key customer segments i.e. Retail Segment (catering to Individual & Families), Corporate Segment (catering mid to large size companies) and SME Segment.
SBI General Insurance closed the financial year 2017-18 with a Gross Written Premium of Rs. 3553 cr at a YoY growth of 36%.
About Policybazaar.com
PolicyBazaar.com is India’s largest insurance marketplace. It has backing from a host of investors including the likes of Soft Bank, InfoEdge (Naukri.com), Temasek, Tiger Global Management, True North, Premji Invest, besides investments from other PE funds and family offices. The portal started with a purpose to educate people on insurance products and has had a significant influence on how insurance is bought in India. It has helped in driving penetration of pure life insurance, health insurance, and such products which were barely bought earlier.
From receiving traffic of 180,000 visitors in 2008, PolicyBazaar.com has come a long way and today hosts over 100 million visitors yearly and records sale of nearly 300,000 transactions a month. Currently, PolicyBazaar.com accounts for nearly 25% of India’s life cover, and over 7% of India’s retail health business. It accounts for roughly half of all internet-based insurance purchase in the country and is more than doubling annually.
The company has received several accolades in India and globally. The most noteworthy being recognized as India’s top and world’s leading “Fin Tech Innovator” by the Global consultancy firm, KPMG and venture capital fund, H2 Ventures for the year – 2015, 2016 & 2018. It has won a range of awards in the last couple of years, many of them consecutively. These include The Financial Express “Best Fintech Marketplace”, Internet & Mobile Association of India (IAMAI) Digital India Award for “Best Financial Website” & “Most Innovating Insurance Service”, IDC Iconic Award for “Tech Implementation leading to Operational Excellence”, to name a few.
For further details, please contact:
SBI General Insurance
Rajul Berde
RAJUL.BERDE@SBIGENERAL.IN
Ph No: +91 7045353841
Perfect Relations
Misbah Quadri
Misbah.Quadri@perfectrelations.com
Ph No: +91 9978693009
Lokesh Srivastava
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