Page 8 - Insurance Times July 2021

growth rate for EGI stood at 46 economy startups where we have lines, SBI General Insurance, said, "We
percent while the industry motor partnered with them to provide health are happy to further strengthen our
segment average is at (-)2%. Likewise, cover for their employees and distribution network through this
in retail health, EGI had a YoY growth associates," Ghosh said. partnership and look forward to
rate of 182 percent, against an
The insurer offers its own group corona achieve new milestones. This will help
industry average of 29 percent. EGI policies and also has options such as a us extend our range of products to a
has more than doubled its customers
fixed benefit plan for such companies. larger customer base. Our overall aim
in just 3 years of operations. Its retail Meanwhile, Ghosh said the insurer will continues to remain the same; i.e., to
business now has 1.6 million active continue to focus on health and motor enhance insurance penetration in the
customers. segments despite the challenges seen country by ensuring access to all."
Commenting on the performance, in them in the last one year.
Amit Kumar, head of retail liabilities,
Shanai Ghosh, Executive Director &
"Health is a focus for us since day 1," IDFC FIRST Bank, said, "We are pleased
CEO, Edelweiss General Insurance,
she said while noting that the Covid-19 to associate with SBI General
said, "Our digital operating modelheld
pandemic will continue to challenge Insurance and bring more value-added
us in good stead, ensuring smooth our profit and loss and pricing.
business continuity and efficiency in products and services to our
operations." In the motor segment, apart from customers. The expansion of our non-
private vehicles, Edelweiss General life insurance portfolio could not have
Insurance is also selectively getting come at a better time as it provides
Edelweiss General
into some commercial vehicles and 2 our customers both health and wealth
Insurance to focus on wheeler space also. protection and complements our

health, motor segments The general insurer registered a 49 per existing wealth management
Edelweiss General Insurance has tied cent growth in premiums in 2020-21, offering."
which was led by private car and retail
up with a number of Internet economy
health insurance. Private Car insurance General insurance industry
firms, and small and medium
grew by 46 per cent on a year on year
enterprises (SMEs) for group health to grow at 7-9% in fiscal
policies and believes that there is much basis in 2020-21 for the company while
more demand from the segment, retail health expanded by 182 per cent 2022, says ICRA
last fiscal.
especially for Covid care covers. The general insurance industry is
"We have identified a target segment expected to register 7 to 9% growth
for our group health policies, which are SBI General Insurance in gross direct premium income during
smaller start ups and SMEs. enters into bancassurance FY22, investment information firm
International trends show that large tie-up with IDFC FIRST ICRA has said. This will be supported by
companies manage it themselves as growth in health segment and uptick
the numbers are so large. The Bank in motor segment.
segment we are going after is SME and SBI General Insurance, has signed a "Despite underwriting losses, the
start up companies with less than corporate agency agreement with sector is expected to report marginal
1,000 employees," said Shanai Ghosh, IDFC FIRST Bank for distribution of non- return on equity (3 to 4.5 per cent)
Executive Director and CEO, Edelweiss life insurance solutions. largely supported by investment
General Insurance.
Under this strategic agreement, SBI income which is highly regulated by the
Ghosh said the segment is not only General Insurance will offer insurance Insurance Regulatory and
profitable but also needs support to Development Authority of India
manage its group policies. The insurer products such as health, personal (IRDAI)," said ICRA.
is also seeing a lot of demand from accident, home, motor and travel
companies for Covid care insurance. It along with the commercial line of In FY21, the industry witnessed a 4 per
has tied up with Ola and Dunzo to insurance products such as property, cent year-on-year growth to Rs 1.85
provide such policies for their driver marine and engineering insurance to lakh crore. Public sector undertaking
partners and delivery personnel. the bank's customers. (PSU) entities were slower to adjust to
"There are several such internet Amar Joshi, head of emerging business an online mode of growth and the

8 The Insurance Times, July 2021