SBI General Insurance adopts Strategic Initiatives to Drive Insurance Awareness and Penetration in Meghalaya

SBI General Insurance adopts Strategic Initiatives to Drive Insurance Awareness and Penetration in Meghalaya

30 May 2023: SBI General Insurance, one of the leading General Insurance companies in India, has been identified by IRDAI as the lead insurer (Non-Life) for the state of Meghalaya, to improve insurance awareness & insurance penetration across the state. The initiative is intended to accelerate the implementation process of IRDAI’s mission “Insurance for All by 2047” in the state of Meghalaya through the State Insurance Plan and to ensure last-mile delivery of insurance services to the uninsured population of the state. The proposal by IRDAI is expected to have a significant impact on overall economic growth and financial stability. IRDAI has appointed HDFC Life & Niva Bhupa as Lead Insurers for Life and Health Insurance respectively along with SBIG for Meghalaya. 

In order to increase insurance awareness & penetration, the SBI General Insurance Team led by Mr. Anand Pejawar, Dy. Managing Director and Mr. Mrigendra Lal Das, Senior VP & Mr. Piyush Kumar Singh VP and Mr. Alok Mohanty RH visited Shillong and organised a series of activities in Shillong on 23-24 May 2023.

The SBI General Insurance Team met the Chief Secretary Meghalaya, Shri Donald Phillips Wahlang, IAS, and briefed him on the State Insurance Plan for Meghalaya and the initiatives taken by the insurance companies. The Chief Secretary appreciated the Vision of IRDAI to have Insurance for All by 2047. He assured full support of the Government of Meghalaya and its machinery towards the good public cause.  

The SBI General Team also met Dr Vijay Kumar IAS, ACS(Finance) and discussed the road map to implement State Insurance Plan. He has readily agreed to depute one senior official from the Finance team as the Nodal Officer who would represent the Meghalaya Government in this.  

On 23 May, Mr. Pejawar also chaired a State Level Insurance Coordination Committee (SLICC) meeting in the presence of the non - life insurance companies operating in the state of Meghalaya. This has been crafted to align with the SLBC of the Banks for better coordination. A detailed strategy was chalked out for spreading Insurance Awareness & Penetration in the state of Meghalaya. Additionally, unanimously it was agreed to distribute the 11 districts of Meghalaya between the insurance companies (2-3 per district) to streamline the efforts. Regular SLICC meetings will be conducted every quarter to keep track of the progress and discuss if assistance is required from the State Government authorities.  

To create awareness among staff members of State Bank of India and Meghalaya Rural Bank (MRB) an RRB sponsored by SBI, SBI General Insurance conducted a workshop in Shillong Club to explain the concept and roadmap for Meghalaya State Insurance Plan. The workshop was attended by more than 100 staff members including Mr Amit Kumar, DGM(B&O) Shillong and Ms Tshering Diki, Chairman, Meghalaya Rural Bank. 

Furthermore, SBI General Insurance conducted a workshop cum insurance awareness programme for Village Level Entrepreneurs (VLEs) of E- Governance CEC. The workshop was attended by Mr Atul Mohan Head Insurance E-Governance CEC with Mr. Anand Pejawar DMD, Mr M. L. Das, SVP, among others. The agenda of the meeting was to outline a comprehensive plan for implementing grassroots activities in the state, with an aim of creating an enabling environment that promotes and nurtures the growth of the insurance sector and further boosts the economy in Meghalaya.  This was an initiative to promote and spread insurance literacy as a necessary life skill.

Mr. Anand Pejawar, Whole-Time Director & DMD, SBI General Insurance said, "Our partnership with the Government holds immense potential to make a significant impact on nation-building and on the vision of "Insurance for all by 2047”.  We believe that insurance is a powerful tool that empowers individuals and safeguards their future financially. Our commitment, as an insurance Company is to create awareness and ensure access to insurance for every citizen of Meghalaya. To achieve this, we have taken concrete steps in close collaboration with other non - life insurance companies operating in the state to drive insurance awareness in the state by leveraging our expertise and resources.”

He further added “We are confident that our collaboration by forming the SLICC on the state, we will create widespread awareness, enhance financial inclusivity, and contribute to the overall socio-economic development of the state. This will further strengthen our efforts towards governments goal of making Meghalaya a 10-billion-dollar economy. Together, we will build a prosperous future for Meghalaya, where insurance becomes an integral part of its growth and progress.”