SBI Life Insurance has entered its 16th year in the insurance business, with strong multi-channel distribution systems, innovative new products and a seamless online to offline customer service.
SBI enjoys a unique position in the Indian Life Insurance market as it leverages the relationship with its sister company, State Bank Group, to cross-sell insurance products along with its numerous banking related product offerings. Although Bancassurance has always and will continue be an important distribution channel for SBI Life, the future is digital and SBI Life is now embracing the online channel by investing heavily in a multitude of digital insurance projects.
Of the many digital initiatives undertaken by SBI, the most notable include Connect Life and Mobcast. Connect Life is a tablet-based application that combines needs-based analysis and automatic underwriting with online payments and form submission also facilitated through the app.
SBI Mobcast is an employee communications and engagement app. It enables SBI Life to broadcast rich content on mobile devices of employees.
SBI has also set up “Digi Life”, a digital innovation lab, which will manage real time, social media and internet references on SBI Life and reach out to customers proactively. It looks to further enhance its distribution efficiency, lower operational costs, introduce innovative products and foster a customer first approach leveraging digital.