• From: sbistcbangalore@xxxxxxxx
  • To: sbinews@xxxxxxxxxxxxx
  • Date: Mon, 22 Dec 2003 21:22:29 +0500

SBI Life sees 1/3rd premiums comingvia bancassurance 
Business Standard
Wednesday, December 10, 2003  
SBI Life Insurance expects about one-third of its gross premium income to be 
generated by the bancassurance distribution channel during the current fiscal.
The insurance company has an arrangement with its parent - State Bank of India 
for distribution of its products. "Apart from the traditional distribution 
channels, alternative channels such as bancassurance, telemarketing etc are 
evolving rapidly in the country," R Krishnamurthy, chairman and managing 
director of SBI Life said at CII's 8th Insurance Summit here today.
Last fiscal, bancassurance generated about 15 per cent of the gross premium for 
the new insurance players and this year it is estimated to grow to 25 per cent. 
By 2008, the channel is expected to generate 35 per cent of the gross premium 
for the private life insurers, Krishnamurthy said.
Insurance products that add value to the banking products of the partner banks 
will help to quicken the take-off of bancassurance. SBI Life could succeed with 
two such products wherein it has offered a group insurance for its parent 
bank's depositors and a life cover offered along with a home mortgage, 
Krishnamurthy quoted examples.
Stuart Purdy, managing director of Aviva Life Insurance said that of the 65,000 
bank branches in the country, about 33,000 branches are located in rural areas 
while another 14,000 are located in semi urban areas.

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