SBI General Insurance Company, one of India's leading general insurance companies, and HSBC India have entered into a bancassurance partnership for the distribution of non-life insurance products.
The partnership represents a significant step towards providing accessible and comprehensive insurance solutions, helping increase insurance penetration in the country.
Under this partnership, HSBC India will offer the entire suite of SBI General Insurance’s non-life insurance products including health, property, motor, and travel to its customers. The partnership will offer a wide range of insurance solutions to meet the needs of affluent Indians across the country through HSBC India’s branch and digital network.
Speaking on the collaboration, Mr Naveen Chandra Jha, MD & CEO of SBI General Insurance, said, "With our innovative range of products and the bank’s diverse customer base, we will be able to reach a broader customer base and offer them the protection they need against various risks."
Mr Sandeep Batra, head, Wealth and Personal Banking, HSBC India, said, "HSBC is the only international bank in India offering a full suite of financial services, including banking, asset management and insurance. This bancassurance tie-up with SBI General Insurance aligns with our commitment to providing comprehensive financial solutions under one roof."