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SBI General Insurance, which is expected to swing into the black for the first time this fiscal, plans to give a bigger thrust to SME, health and home businesses in the near term as the three segments promise growth and profitability.
The non-life subsidiary of State Bank of India feels that along with the growing awareness for insurance cover, the Budget measures are also likely to have a positive rub-off effect on the SME segment for growth.
“SME has always been one of our pillars of growth because of the natural connect we have through our bancassurance channel. This year also we had a very good growth. We are expecting stronger growth from next fiscal,” Pushan Mahapatra, Managing Director and CEO, SBI General Insurance, told BusinessLine.
With changing needs and regulatory push in the health segment, the company is undertaking an overall review of its health products in order to make them more attractive and plug some gaps. Upgrades will come during the next fiscal, said Mahapatra.
The company has seven products in the health segment with sum assured ranging from Rs. 1 lakh to Rs. 50 lakh. It seeks to give a bigger push in the sub-Rs. 5 lakh health policy category, which holds huge potential.
During the first nine months of this fiscal, the company sold more than four lakh health policies, of which a major chunk was in the sub-Rs. 5 lakh sum assured segment.
SBI General expects stronger growth in the home segment too. “Only 3% of the dwelling units in the country are insured. We have also got approval for our home contents policy and that will be rolled out next fiscal,” he said.
The company is expected to end this fiscal with a profit for the first time in a year.
