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SBI General Insurance CFO Jitendra Attra focuses on Tier-2 and 3 cities and digital partnerships for growth

Published 1 week ago4 minute read
SBI General Insurance CFO Jitendra Attra focuses on Tier-2 and 3 cities and digital partnerships for growth

SBI General Insurance is aggressively pursuing growth by focusing on underserved Tier 2 and Tier 3 cities, leveraging digital transformation, and expanding its product portfolio, according to Chief Financial Officer (CFO) Jitendra Attra. In a recent interview, Attra outlined the company's strategy to balance profitability with sustainable long-term growth, emphasizing the pivotal role of technology and market penetration in regions with low insurance awareness.

Targeting Untapped Markets: A Push into Tier 2 and Tier 3 Cities

SBI General Insurance is intensifying its efforts to penetrate Tier 2 and Tier 3 cities, recognizing their significant growth potential due to low insurance penetration and rising demand for health, motor, and home insurance products. Attra stated, “We believe that Tier 2 and Tier 3 cities represent a substantial opportunity for growth. Our strategy focuses on offering tailored products that meet the specific needs of these markets.” The insurer is refining its health insurance offerings and expanding corporate risk solutions, including cyber and liability insurance, to meet the evolving needs of businesses in these regions.

Strategic Investments for Sustainable Long-Term Growth

Looking ahead, SBI General Insurance is prioritizing strategic investments in digital infrastructure, product diversification, and market expansion. “We are strategically investing in digital channels and expanding our partnerships with e-commerce platforms, fintechs, and digital payment providers to make insurance more integrated into customers’ everyday lives,” Attra noted. The company is also diversifying its product offerings to include cyber insurance and climate risk coverage, while expanding affordable health insurance options for individuals and businesses in Tier 2 and Tier 3 cities.

Digital Transformation: Harnessing the Power of Artificial Intelligence and Automation

Digital transformation is central to SBI General Insurance’s growth strategy. AI-driven underwriting, predictive analytics, and streamlined claims processing are key components of the company’s short-term plans. These technologies are expected to enhance operational efficiency, reduce turnaround times, and improve customer experience. “At SBI General Insurance, we view digital transformation as a critical enabler of future growth. By investing in AI, we are not only reducing fraud but also providing more personalized, customer-centric services,” Attra explained. AI is expected to streamline claims management, optimize risk management, and offer tailored pricing models.

Expanding Reach Through Digital Distribution Channels

SBI General Insurance is expanding its digital distribution strategies to capitalize on the growing demand for digital access. The company is leveraging mobile applications, WhatsApp services, and partnerships with fintech companies to reach rural and semi-urban areas. “We are focusing on digital platforms to bring insurance to the masses, particularly in underserved rural markets. By integrating our products with mobile apps and fintech partners, we are eliminating barriers to access and making it easier for customers to purchase insurance,” Attra stated. SBI General is also utilizing State Bank of India’s (SBI) extensive branch network to extend its distribution channels into remote communities.

Enhanced Customer Engagement through Technology

In line with its digital transformation efforts, SBI General Insurance is prioritizing customer engagement by deploying AI-powered tools to understand customer preferences, predict insurance needs, and deliver personalized services. The company is exploring telemedicine and wellness programs to cater to the growing demand for health insurance products. “We are evolving our customer engagement strategy by moving beyond traditional methods. By utilizing AI, we can offer faster policy renewals, more personalized offers, and better service delivery, which ultimately enhances customer satisfaction,” Attra said.

Operational Efficiency through Automation

To strengthen its market position, SBI General Insurance is focused on improving operational efficiency through automation. By refining internal processes and incorporating AI tools, the company aims to streamline claims management, reduce costs, and enhance service delivery. “We are continuously automating our processes, which has led to improved efficiency and cost reduction. Our use of AI in claims processing, for example, speeds up settlements and minimizes manual errors,” Attra noted. The company is also optimizing its risk-based pricing models to ensure fairness and agility.

Navigating Regulatory Changes with Agility

SBI General Insurance is committed to staying ahead of regulatory changes by enhancing its compliance framework through AI-driven monitoring systems. This allows the company to adapt to new regulations in real-time and ensure continued profitability. “We have a robust system in place to track regulatory changes, which enables us to remain agile and cost-effective while staying compliant,” Attra explained.

Building a Customer-Centric, Future-Ready Insurance Model

Attra concluded by reaffirming SBI General Insurance’s long-term vision of becoming a customer-centric, future-ready insurer. By focusing on technology, expanding into underserved markets, and diversifying product offerings, the company aims to lead in the evolving insurance sector. “Our goal is to continue evolving alongside our customers' needs. We are committed to improving operational efficiency, integrating cutting-edge technology, and offering innovative products that ensure our long-term success. This strategy will enable us to build sustainable value for all stakeholders, including our customers, partners, and shareholders,” Attra said.

From Zeal News Studio(Terms and Conditions)
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