Best General Insurance Provider of the Year — SBI GENERAL INSURANCE

P.C. Kandpal, MD & CEO, SBI General Insurance

A diversified portfolio, well distributed between urban and rural India, helped SBI General Insurance emerge as the Best General Insurance Provider of the Year. “Our presence in health, home and SME helps us stand apart,” says P.C. Kandpal, Managing Director & CEO at SBI General Insurance. As of February ( YTD), FY21, crop insurance has contributed 29 per cent to the business, followed by property (17 per cent), motor (24 per cent) and health (16 per cent). The insurer is focused on rural business too; 26 per cent of its business comes from rural India. “Our mission is to service Bharat with specific focus on Tier-III and beyond,” says Kandpal.

Under sandbox, it has got approval for Shagun – Gift, a personal accident cover that you can gift to family and friends.

Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance Company

Bajaj Allianz General Insurance has been focused on the motor segment since the beginning. “In the 2000 decade, when our peers were afraid of going beyond the regulatory requirement of 5 per cent in the motor segment as it was not profitable, we went all out. We were among the first ones to do OEM tie-ups and cashless and quick settlements,” says Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance Company. An insurer can settle a claim below ` 50,000 without a survey. “Such claims are settled in less than 20 minutes at Bajaj.” Under sandbox, Bajaj Allianz launched a PayAs-You-Use policy in 2020. “During lockdown, when cars were parked, people wondered why they should pay the full premium. That is when we came out with this policy so that people can buy a kilometre-based policy.”

In another sandbox product, ‘V-Pay’, the insurer settles the full claim without deduction.