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SBI Life Insurance inaugurates its new regional office in Chennai
Posted on: 17/Aug/2018 3:44:26 PM
SBI Life Insurance, one of the most trusted private life insurers in the country, in its effort to strengthen presence in Chennai region, today inaugurated its new regional office (RO), situated at Centennial Square, Dr. Ambedkar Road, Kodambakkam.
Mr. Sanjeev Nautiyal, MD & CEO, SBI Life Insurance inaugurated the R.O. in the presence of Mr. Vinay Tonse, CGM, SBI, Chennai Region, Mr. M Anand, President, Zone II, SBI Life Insurance, Mr. E. Thirumudi Pandian, Regional Director, Chennai Region, SBI Life Insurance and other dignitaries from State Bank of India and SBI Life Insurance.
Indian insurance industry is the 13th largest in the world (1) with merely a 2% share in the world insurance premium market. Evidently, a share of only 2% reflects severe under penetration for the country that accounts for about 17% of the world’s population (2). There is an urgent need for insurance companies to establish a deeper presence in India reaching out to different stratas of the society
Speaking on the occasion, Mr. Sanjeev Nautiyal, MD & CEO, SBI Life Insurance, said, “Tamil Nadu is one of the most mature insurance markets in the country, where both Agency and Banca channels have been outperforming. We’ve seen trends emerging from this region, like need-based-selling being adopted nationally. In many ways such consumer centric approaches like need-based-selling have been the key to our success in the Tamil Nadu region.”
SBI Life Insurance has been growing at a rapid pace in Chennai Region, which reported a growth of 37% in its Individual New Business Premium in FY 17-18, at Rs. 621 Crores as compared to Rs. 451.7 Crores during FY 16-17. The Total New Business Premium also saw a spike by 56% in FY 17-18, at Rs. 871 Crores compared to Rs. 557.7 Crores in FY 16-17. SBI Life is one of the leading private life insurers in Chennai with 22.4% market share among all private life insurers.
Mr. M Anand, President, Marketing – Zone II, added, “Chennai region is one of the most prominent markets for us, we are continuously working towards establishing a deeper presence in this region. SBI Life has been performing very well here, strengthening its market share the company has registered a 15.3% growth in New Business Premium for YTD June FY17-18 as compared with the same period last year. We shall continue with our growth trajectory by reaching out to maximum number of people in the region and spreading awareness on the need for a holistic protection through insurance.”
SBI Life provides livelihood to 12,700 plus local population in the Region through its 70 offices and a strong workforce of over 1,000 employees. SBI Life distributes its products through a strong network of over 11,690 well trained Insurance Advisors, 3,221 CIFs and 1,275 State Bank of India branches.
