The Hindu Business Line : SBI Life to leverage bank network

Hyderabad, Feb. 14 SBI Life is planning to ramp up its operations in the rural and semi-urban areas by better utilisation of State Bank of India (SBI) branch network and increasing the number of agents.

“We want to make a significant difference in our rural reach by doubling the number of agents by 2008-09 (from current 34,000) and fuller-utilisation of SBI branch network in rural areas,” Mr Uday Sankar Roy, Managing Director and Chief Executive Officer, SBI Life told newspersons here on Wednesday. SBI has over 7,000 branches in the country. Over 50 per cent of these are located in rural and semi-urban areas. “Though our products are being sold in these branches, there is a lot of scope for further business,” he said.

Health product

SBI Life would launch a health product in the first quarter of the next fiscal and implement direct payment of premium through core banking network from May, he added.

The company, which earned a profit of Rs 37.74 crore at the end of December 31, 2007 by wiping out all accumulated losses, is planning to enter the micro insurance sector in Andhra Pradesh.

“We have implemented a pilot micro insurance project, Grameenn Shakti, in Bhubaneswar for Self Help Groups (SHGs) in December, 2007 and provided life cover to 2.5 lakh women,” Mr Roy said.

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