Bhubaneswar: SBI Life Insurance, one of the most trusted life insurance companies in the country, inaugurated its regional office (R.O.) in Bhubaneswar, situated at Infinia Tower, Chandaka Industrial Area, Infocity, Patia, thereby strengthening its presence in the region.
The R.O. is equipped to offer SBI Life’s complete portfolio of protection products for the residents of Bhubaneswar, thereby increasing the accessibility of life insurance solutions in the region.
Sanjeev Nautiyal, MD & CEO, SBI Life Insurance inaugurated the Bhubaneswar R.O. in the presence of Praveena Kala, CGM-Bhubaneswar Circle, State Bank of India, Ravindra Kumar, President, Zone III, SBI Life, Sanjeev Pujari, President – Actuarial & Risk Management, SBI Life and Sanjay Bhatanagar, Regional Director- Bhubaneswar, SBI Life, along with other respected dignitaries, further strengthening SBI Life’s presence in Odisha with a strong network of 40 branches.
Speaking on the occasion, Sanjeev Nautiyal, MD & CEO, SBI Life Insurance said, “Odisha is one of the most promising states in India, the untapped insurance market here provides an opportunity for insurers to innovatively address the needs of consumers and customize product solutions accordingly. We are focused to deliver value for our customers and continuously strive to develop relevant consumer-centric solutions. We hope that our strengthened presence in the region will enable us to better respond to the insurance needs of the rapidly growing consumer base and help enhance the overall customer experience. We look forward to playing an active role in Odisha’s promising journey towards an even greater economic progress, in the years to come”.
In FY 18, the insurance industry grew at 12% (1) almost double the growth of the Indian economy which stood at 6.7% (1). Despite the phenomenal growth of the sector, India’s life insurance penetration stands at 2.76% (1), which is the lowest. Hence, it is imperative for insurance companies to create more awareness among people and establish a deeper presence in India.
SBI Life’s regional office was earlier located at Stock Exchange Bhawan, 2nd Floor, JaydevVihar, Bhubaneswar- 751023, and has now been relocated to a more accessible location at 6th floor, Infinia Towers, Chandaka Industrial Area Infocity, Patia, Bhubaneswar- 751024. The move provides for easy accessibility for the general public in the region, underscoring the company’s commitment to the region.
SBI Life Insurance has a strong network of Life Mitra’s (Investment Advisors) and CIF’s to service every growing customer base in the region. The insurer has a market share of around 31.8% among all the private life insurers.