SBI Life MD says Tamil Nadu among most mature insurance markets

“We’ve seen trends emerging from this region, like need-based-selling being adopted nationally. In many ways such consumer centric approaches like need-based-selling have been the key to our success in the TN region,” Sanjeev Nautiyal, MD and CEO, SBI Life Insurance, said after inaugurating its new regional office here. 

SBI Life Insurance has been growing at a rapid pace in Chennai Region, which reported a growth of 37% in its Individual New Business Premium in FY 17-18, at Rs 621 cr compared to Rs 451.7 cr during FY 16-17. The Total New Business Premium also saw a spike by 56% in FY 17-18, at Rs 871 cr against Rs 557.7 cr in FY 16-17. SBI Life is one of the leading private life insurers in Chennai with 22.4% market share among all private life insurers.

M Anand, President, Marketing – Zone II, added, “Chennai region is one of the most prominent markets for us, we are continuously working towards establishing a deeper presence in this region. SBI Life has been performing well here, strengthening its market share. The company has registered a 15.3% growth in New Business Premium for YTD June FY17-18 as compared with the same period last year.”

“We shall continue with our growth trajectory by reaching out to maximum number of people in the region and spreading awareness on the need for a holistic protection through insurance,” he said. SBI Life has 70 offices and a workforce strength of over 1,000 employees. It distributes its products through a network of over 11,690 Insurance advisors, 3,221 CIFs and 1,275 SBI branches.