SBI General Insurance targets higher growth under new chief

SBI General Insurance Company appointed Kishore Kumar Poludasu as its new Managing Director (MD) and Chief Executive Officer (CEO). He was nominated by the parent company State Bank of India (SBI) for the position. His appointment is effective from October 4

Poludasu has been associated with State Bank of India since 1991 and held several positions with the bank during his tenure. Prior to his current role at SBI General under State Bank Group, he was the Deputy Managing Director, as the Country Head of State Bank of India, Singapore Operations.

Talking to Bizz Buzz, Poludasu, said: "Currently we are ranked as 7th or 8th largest player on the space of private sector non-life insurers in the country. Our aim is to join the top five players on the space in future by making a strong product portfolio and strengthening multi-level channel, which include physical, digital and phygital (a combination of physical and digital)."

He is a seasoned BFSI professional with over three decades of experience in commercial banking including large corporate/infrastructure credit, international banking operations, enterprise management, mergers & consolidation. A conscientious and determined leader, Poludasu has a strong track record of delivering long-term results, emphasizing the organization's customer-centric culture, and providing value to customers at every touch-point. The company today, is poised for greater growth and at this juncture SBI General is vehemently driving focus on assertive strategies, agile processes, strategic partnerships, and right talent management. Poludasu's experience will be of immense value to this roadmap towards the top.

Prior to joining SBI General, at State Bank of India, he had been involved in key projects and responsibilities which comprised planning and strategic execution for expansion, driving sales and growth for the bank. Poludasu has also been instrumental in supervising the integration of systems and processes and human resources during the merger between State Bank of Mysore and SBI. He has been associated with setting up of National Bank for Financing Infrastructure and Development (NaBFID), an All India Financial Institution (AIFI) promoted by government of India for enhanced focus on financing and development of infrastructure sector in India as an Officer on Special Duty (OSD) from State Bank of India until September.SBI General is one of the fastest growing private general insurance companies, with the strong parentage of SBI.

We at SBI General Insurance, are committed to carry forward the legacy of trust and security; and have a vision to become the most trusted general insurer for a transforming India, Poludasu said.

Ever since it was establishment in 2009, from 17 branches in 2011, it has expanded its presence to over 137 branches pan-India. Till date, it has served over 10 crore customers.

SBI General Insurance reported 11 per cent growth in Gross Written Premium (GWP) in FY22 and the GWP stood at Rs 9,260 crore. With the increasing need of health insurance, it has a very channelized strategy for health insurance business, which has reflected in 50 per cent growth in health insurance GWP for the FY22.