SBI General Insurance ties up with Bajaj Markets for Bancassurance

by Prashant Kapadia/NHN

Pune/Mumbai, August 11 ,  2023: SBI General Insurance Company Limited, one of India’s leading insurance companies, has partnered with Bajaj Markets, a one-stop digital marketplace for financial services and a subsidiary of Bajaj Finserv Limited, to offer car and bike insurance policies.

Under the motor insurance category, SBI General Insurance offers bike and car insurance plans that offer personal accident coverage up to Rs. 15 Lakhs, third-party liability cover, own damage cover along with other 15 add-ons.

Below are some of the key features:

SBI General Car Insurance

• What’s Covered:

○       15 add-on plans offering covers like:

■       Personal Accident Cover

■       Bi-Fuel kit

■       Depreciation reimbursement

■       Emergency assistance

■       NCB Protection

• Cashless service at 5900+ garages

SBI General Two-wheeler Insurance

• What’s Covered:

○       Offers:

■       Personal accident cover

■       Own-damage cover

■       NCB Protection

■       Return to Invoice: in case of theft or total damage/loss of the bike

■       Protection against natural disasters

○       Cashless services at 1000+ garages

A premium calculator is also available on the Bajaj Markets’ website, to help individuals make an estimate of the premium amount for car and bike insurance policies.

Furthermore, the purchase journey for such policies can be covered with a few clicks on a screen. The digital payment process for premiums is seamless and smooth. The five-step process enables customers to secure their finances against unforeseen car and bike related expenses.

Anand Pejawar, Whole-time Director, SBI General Insurance said, “We are happy to partner with Bajaj Markets, the subsidiary of Bajaj Finserv, and one of fastest growing fintech companies in India. This strategic alliance brings together the strength of two industry leaders, united in our commitment to deliver exceptional insurance solutions to every corner of the nation. Together, we embark on a transformative journey to enhance market penetration to better serve a wider customer base across India.”

Ashish Panchal, Director and CEO, Bajaj Markets said, “We are delighted to partner with SBI General Insurance, one of India’s leading insurance companies with a strong legacy of trust and security. We at Bajaj Markets leverage our expertise in consumer insights, analytics, and technology to offer consumers a range of choices in a frictionless manner. This partnership will strengthen the ‘One Marketplace’ proposition and help us deliver an exceptional set of products to our customers.”

About SBI General Insurance Company Limited : SBI General is one of the fastest growing private general insurance companies, with the strong parentage of SBI. We, at SBI General Insurance, are committed to carry forward the legacy of trust and security; and have the vision to become the most trusted general insurer for a transforming India.

Ever since our establishment in 2009, our growth has been exponential in various aspects. We have expanded our presence from 17 branches in 2011 to over 141 branches pan-India. Till date, we have served over 34 crore customers. We have been awarded ‘Insurer of the Year’ in the non-life category at FICCI Insurance Industry Awards, for two consecutive years in 2020 & 2021. In 2022, recognized as the ‘Best General Insurance Company of the Year’ at the ‘Third Emerging Asia Insurance Awards’ organized by the ‘Indian Chamber of Commerce’.

We have a robust multi-distribution model encompassing Bancassurance, Agency, Broking, Retail Direct Channels and Digital tie-ups. The widespread network of distributors like 22437 plus SBI branches, Agents, other financial alliances, OEMs, and multiple digital partners enable us to extend our reach to the pocketed remote areas of India. We offer a bouquet of products spread across various lines of businesses that cater to customers across all segments like Retail, Corporate, SME and Rural, ensuring accessibility via digital as well as physical modes.

SBI General Insurance reported a 17.6% growth in Gross Written Premium (GWP) in FY 2022-23 and the GWP stood at Rs. 10,888 crores.

About Bajaj Markets : Bajaj Markets, a subsidiary of Bajaj Finserv, and one of the fastest growing fintech in India, is a one-stop digital marketplace that offers multiple financial products across all categories – Loans, Cards, Insurance, Investments and Payments. Bajaj Markets has partnered with some of the most trusted names to offer choice to its customers and help them achieve their financial life goals.

Having started its journey as a fintech, Bajaj Markets has since then, built a very strong business as a techfin. Its technology services businesses are built on its core capabilities in consumer insights, technology, and data analytics. Its first B2B SBU, Skaleup, has been created to become the leading digital technology services provider in India through deep domain expertise and execution capabilities.

Bajaj Markets has built a new business unit to become the preferred partner for digital technology initiatives across all group companies of Bajaj Finserv. Herein, the strategy is to align with digital technology roadmap objectives of all the group companies of Bajaj Finserv and offer digital technology services and platforms at market competitive rates.