SBI - Annual Report 2019-20

STRENGTHS

STAYING AHEAD
OF THE CURVE

STRONG BRAND EQUITY AND PRE-EMINENT PROMOTERS

We take pride in being a part of the SBI Group, the country’s largest commercial bank in terms of deposits, advances and number of branches. Today, brand SBI has become synonymous with the trust of millions across the country and select overseas markets.

Our top-of-the-mind brand recall is a key growth enabler and lends an unmatched, distinct competitive edge. We are committed to optimising synergies with the parent entity, which provides us access to specialised industry expertise. We remain focused on strengthening our brand through impactful communication via different campaigns across several traditional (television, print and billboards) and contemporary (social media) platforms. Some of our recent campaigns can be viewed at https://www.youtube.com/user/sbilifeinsurance

DOMINANT POSITION IN THE MARKET

Over the past two decades, we have earned the support and love of our customers by providing a comprehensive suite of relevant and innovative products. Our constant focus on providing superior services has helped retain existing customers and grow our wallet share. Today, as one of the leading private life insurers in India, we continue to gain market share by growing the market as well as gaining market share from peers.

Private market share (%)

Source: Swiss Re, sigma No 4/2020

Recognised as ‘The Best Life Insurance Company 2019 – Emerging Asia Insurance Awards’ by the Indian Chambers of Commerce

ROBUST DISTRIBUTION NETWORK

Our nationwide robust and growing distribution network plays a pivotal role in our growth and enables us to better understand the needs of diverse customer segments. Our physical and digital channels work in unison to provide customised experiences to our customers. In addition to leveraging our parent’s unparalleled reach, we have formed bancassurance partnerships with 14 local and national banks to tap into their customer base. Further, we have a large pool of individual agents, CIFs and other distributors.

Growing reach

130,418

Individual agents

23,500+

SBI branches

53,096

Certified Insurance Facilitator (CIFs)

2,981

Specified Persons (SPs)

CUSTOMER-FIRST APPROACH

Our customers are at the core of all our activities. We are committed to reach out to the remotest corners and offer relevant solutions for existing and emerging needs through our customers’ preferred channels. We have also put in place multiple processes to ensure customer delight throughout their journey with us, from on-boarding, servicing and engagement to claims settlement.

Superior customer practices

94.52%

Individual death claims settlement ratio

26

Grievance per 10,000 policies

0.09%

Mis-selling ratio

CONSISTENT FINANCIAL TRACK RECORD

Our impeccable financial profile not only enables us to pursue growth opportunities, but also insulates us from adverse external environments. We have focused on achieving high-quality earnings since inception, which is demonstrated by the fact that we turned profitable within the first five years of our operations.

Solvency ratio

1.95

SBI Life

1.50

IRDAI mandate

As on March 31, 2020

Between FY18 and FY20

20%+

CAGR in different premium metrics

11%

CAGR in profit after tax

WELL-EXPERIENCED MANAGEMENT TEAM

Our expert management team and distinguished Board script our success story. Our Board comprises eminent professionals from diverse industries and our senior management team includes leaders with rich experience across actuary, underwriting, finance, investment, claims management and technology. Under their guidance, we are taking confident strides in consolidating our industry leadership and taking our business to the next level.

Average experience of our management team