SBI spells out biz share in NE States
Source: The Sangai Express

Imphal, November 22 2017: Assam and the rest of the NE States have a huge marginal difference in SBI's total business shares with overwhelming 70% shares coming solely from Assam while the rest of the States in the region contributes only theremaining30% shares.

SBI Life Insurance's Managing Director and CEO Arijit Basu informed this to media persons while responding to a question on the SBI's business shares in North East Region at Imphal Hotel yesterday.

He was in Imphal to attend the two day long North East Development Summit that began yesterday.

Basu pointed out the main factor responsible for the huge marginal difference was due to the huge disparity in the population.

He also attributed the difference to the saving awareness of the population while maintaining that it is largely caused by the environment and economy of the States. Exuding confidence that his company can make good impact in North East Region, he informed that his visit to the State is also to motivate the people in the State apart from representing his company as a panel member in the NEDS.

Corporate Social Responsibility (CSR) activities are being carried out in North East with special emphasis on children and women besides its commitment to the main objective of increasing financial literacy and financial inclusion in the Region, he claimed.

He further informed that several activities are being undertaken in Tripura for the purpose as Insurance Regulatory and Development Authority (IRDA).

In States like Mizoram too, SBI has tied up with local event organisers and is making efforts to create awareness on insurance rather than advertising for the purpose of selling company's products, Basu further said.

Noting that agency channel is quite important while creating awareness to the general masses, he said agencies reach out to the masses while banks only sell products only when customers/people approach.

There are also several ways/channels through which awareness are being created, especially in remote and interior areas, he conveyed and cited Customer Service Point (CSP) and Bank Correspondences are some among them.

The CEO also declared that the SBI Life has grown tremendously since the last two years and quantified that the growing rate in terms of individual new business/premium this year is 46% discovering/covering many untapped potentials in bank insurance.

Reminding that insurance is a form of social security, Basu lamented that social security in India is very low when compared to other developed countries.

He remarked that NEDS is a very good initiative taken up by Government of India focusing primarily on basic development and prosperity of Manipur and North East as a whole.

Lauding the Government on being invited to NEDS, Basu maintained that SBI Life Insurance is a joint venture of SBI and BNP Paribas Cardif (a French multinational bank and financial services/company).

He continued that SBI Life's ranking in terms of total new business/ total first year premium collected is ahead of any bank in India and in terms of individual new business/first year collected is number 2 .

He added that the current SBI Life's share holding is 62% while that of BNP Paribas Cardif and the other investors/ investing institutions are 22% and 16% respectively.

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