SBI General Insurance has entered a bancassurance collaboration with HSBC India to distribute non-life insurance products in the region. As part of their partnership, SBI General Insurance and HSBC India intend to deliver accessible and comprehensive insurance solutions, supporting insurance penetration in India.

Through this move, SBI General Insurance intends to provide insurance solutions to HSBC India’s customers, while the latter is set to offer the entire suite of its non-life insurance products, including health, property, motor, and travel to its customers. The partnership aims to see SBI General Insurance and HSBC India delivering a suite of insurance services that work towards meeting the diverse user needs of Indians via the latter’s branch and digital network. In addition, customers are set to benefit from optimised access to these insurance products, which intends to improve their overall experience and meet their specific insurance needs.

SBI General Insurance and HSBC India’s partnership plans By combining the capabilities of both organisations, the collaboration is set to utilise SBI General Insurance’s range of products and HSBC India’s network to equip customers with access to customised insurance solutions that can safeguard their assets. Representatives from HSBC India underlined that the bank is developing a full spectrum offering for its customers, with it currently providing banking, asset management, and insurance. Additionally, the bancassurance alliance with SBI General Insurance aligns with the bank’s allegiance to offering comprehensive financial solutions and delivering value to users. According to SBI General Insurance’s officials, by merging the company’s range of solutions and the bank’s diverse customer base, the two organisations plan to reach more individuals and offer them the protection they need against several risks.

Also, SBI General Insurance and HSBC India mentioned their commitment to delivering optimised insurance solutions and enhanced service to customers. The current news supports SBI General Insurance in solidifying its position in the market, with the company already having a strong presence through its 143 branches. Additionally, by utilising its network of more than 22,518 SBI branches, agents, financial collaborations, OEMs, and digital partners, the firm focuses on extending its services to remote areas of India, with its services catering to the needs of retail, corporate, small and medium-sized enterprises (SMEs), and rural segments.

.