Mumbai: Private life insurer SBI Life Insurance Co. Ltd, has started online bancassurance with the launch of its 'Bancassurance Online', the first e-initiative of its kind with its bancassurance promoter, State Bank of India.
O P Bhatt, chairman, State Bank of India, formally inaugurated the intranet facility, which the promoters say would help them implement an "integrated bancassurance" approach and reduce turnaround time to meet customer requirements.
"Bancassurance Online is a significant step towards integrating insurance with banking and it will provide my staff's information as well as education on life insurance, "said Bhatt.
The intranet would assist in imparting e-training on life insurance products and provide information to the sales staff at branches with details of insurance services, policy servicing and claim settlement processes.
According to S. Krishnamurthy, MD and CEO SBI Life Insurance, "The e-initiative has been developed to equip the sales personnel with requisite tools and information enabling better customer service."
SBI Life says that its products are currently available at over 10,000 of the 14,000 branches of the State Bank of India and its affiliate banks. The bancassurance model is the company's key distribution channel and contributes about 40 per cent of the total premium collection.
SBI Life Insurance, with an authorised capital of Rs500 crore, is a 74 : 26 joint venture between the State Bank of India and Cardif SA of France, a wholly owned subsidiary of BNP Paribas.