SBI Chairman Challa Sreenivasulu Setty
| Photo Credit:
PTI
Health insurers need to enter into more tie-ups with local – level hospitals to expand the reach of the insurance in the backdrop of increasing medical inflation which is at around 15 percent at present, according to C S Setty, Chairman, State Bank of India (SBI).
Speaking after formally inaugurating 30 specialised first of its kind health insurance branches of SBI General Insurance in Telangana and Andhra Pradesh here on Saturday, SBI Chief the focus of SBI General would be on reaching out to aspirational population in tier-III and tier IV locations.
“Leveraging SBI’s expansive network, we believe that our efforts will strengthen and contribute to the Insurance Regulator’s Vision of Insurance for all by 2047,’‘ he said, adding that health insurance would also play a key role in proper harnessing of India’s demographic dividend. “Without focus on healthcare, demographic dividend will become a demographic liability,’‘ he added.
On the concerns over the mis-selling in the bancassurance channel, Setty said bancassurance was a ‘powerful channel’ and a lot of regulatory reforms were put in place in the recent past. “We are focussing on Right-Selling as opposed to the mis-selling,’‘ he said while expressing satisfaction on the current regulatory framework for bancassurance.
From its side, SBI has stepped up focus on eliminating mis-selling by strengthening its internal ombudsman system.
“We are treating even-look up period cases as possible mis-selling though is not needed and investigating the matter,’‘ he said.
According to IRDAI rules, in the free look period one can review the purchased insurance plan within the first 15 days of the receipt of the policy document and seek clarification from the insurer.
Naveen Chandra Jha, MD and CEO at SBI General Insurance opening of specialised health insurance branches was aimed at building a more inclusive and customer-centric ecosystem and enhancing the awareness and adoption of health insurance in underserved regions.
Published on August 9, 2025
