SBI General Insurance is planning to focus extensively on the retail and SME segments in Kerala, considering its growth potential.
Mr Rob Logie, Deputy CEO, SBI General Insurance, said the company has acquired over 10,000 customers in Kerala across corporate, SME and retail segments. The premium income from the region during financial year 2012 was Rs 7.54 crore, he said.
Mr Logie, who was here in connection with the opening of its second branch in Kochi, said that the company also sees great potential in providing customised insurance solutions to the tourism and agro-based industries of the State.
“We started the last year with our branch in Thiruvananthapuram with home insurance and added motor insurance and SME Insurance during the second half of 2011,” he said.
The company established its presence across many of the State Bank of India's branches located in the southern and central part of Kerala.
With the opening of Kochi branch, Mr Logie said, the company will be able to further penetrate SBI's branch network in central and north Kerala region.
There are also plans to aggressively expand its agency channel across the State to promote motor insurance. The company is settling the car insurance claims in a most efficient, transparent and customer friendly manner.
Besides, the facilities such as 24x7 emergency roadside assistance, nil depreciation cover, no claim bonus protection are some of the added features of car insurance provided by SBI General.
Kerala will be a key growth driver for SBI General Insurance in South India. Product innovation, coupled with rapid expansion of foot prints through SBI branch network and agency channel is expected to set the pace for the company' growth prospects in the region, he added.