Paritosh Tripathi, MD & CEO,(Designate), SBI General Insurance
With a solvency ratio of 1.85 during the year, SBI General had recorded a total gross written premium (GWP) of Rs 9260 crore, up 11 %, in FY 2021-22 and has maintained its market share of 4.15% during the period
Mumbai:
Paritosh Tripathi, 58, chief general manager(CGM), State Bank of India, on Monday has been appointed as the new MD & CEO, of SBI General Insurance, that is planning to float an IPO soon.
Prakash Chandra Kandpal, the present MD & CEO has been posted as deputy managing director(Retail), SBI.
Tripathi, a 1990 batch of SBI, had earlier worked with SBI General couple of years back and is waiting for insurance regulator IRDAI’s nod to assume his new charge in the company.
The company has demonstrated strong growth in the health insurance segment with a 50% growth in GWP, whereas it has reported an overall growth of 11% in GWP.
The company has registered steady growth year-on-year, expanding its services to over 3.34 crore customers in the financial year FY22, which has risen by 15.3% over the last year.
Aiming to emerge among the top companies in health insurance segment among general insurers over the next three years, the insurer recently launched a new health vertical with a vision of broadening access to quality and affordable healthcare across India.
New health vertical will offer in-house claims servicing to enhance customer experience and a dedicated sales agency to enable increase in reach of health insurance to a larger market segment.
The company aims to leverage the expansive footprint and network of its parent company SBI to further entrench health insurance penetration in Tier 3 and 4 markets across India,
In FY 2021-22, SBI General has expanded its footprint and scaled up the distribution reach through bancassurance, OEM tie-ups and digital integrations.
The company has added some of the leading names in their strategic partnerships including Bajaj Finserv, IDFC First Bank, Google Pay, and Uttarbanga Kshetriya Gramin Bank to name a few.