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SBI General Insurance and Jana Small Finance Bank forge Bancassurance Partnership to increase insurance penetration

SBI General Insurance, has entered into a strategic bancassurance partnership with Jana Small Finance Bank, a prominent financial institution in India, to distribute non-life insurance products.

Under this partnership, SBI General Insurance will provide Jana Small Finance Bank’s customers with a comprehensive range of general insurance products. These offerings will include health, personal accident, home, motor, and travel insurance. Additionally, the collaboration will extend to commercial line insurance products such as property, marine, and engineering insurance, catering to the varied needs of businesses and enterprises.

This strategic alliance highlights SBI General Insurance’s commitment to expanding its distribution network, improving customer accessibility, and achieving new milestones in the insurance sector. By leveraging Jana Small Finance Bank’s extensive customer base through its widespread branch network across 24 states and Union Territories, SBI General Insurance aims to strengthen its market presence and serve a broader segment of the population with tailored insurance solutions.

Kishore Kumar Poludasu, MD & CEO, SBI General Insurance, stated, “We are delighted to announce our partnership with Jana Small Finance Bank, a pivotal step forward in our mission to offer comprehensive insurance solutions to customers across India and contribute to increasing insurance penetration nationwide. The combination of our user-friendly products along with Jana Small Finance Bank’s offerings will empower customers to accomplish their financial objectives.”

Ajay Kanwal, MD & CEO, Jana Small Finance Bank, commented, “We, at Jana Small Finance Bank, are committed to becoming the anchor bank for our customers and offering them varied financial products and solutions. Our partnership with SBI General Insurance will help increase the range of products available to our customers, and we see a big need for our customers and their businesses.”

With a shared vision of customer-centricity and innovation, SBI General Insurance and Jana Small Finance Bank are poised to redefine the landscape of general insurance distribution in India. This strategic collaboration represents a significant milestone in both organizations’ efforts to empower individuals and businesses with robust insurance protection.

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