SBI General Insurance, the joint venture between State Bank of India and Insurance Australia Group (IAG) has concluded its recently initiated creative pitch process. The insurance company has appointed two JWT India and Interpub to its roster. The account size is in the range of Rs 8-10 crore.
SBI General Insurance officials refrained from commenting on the development, and the agency officials were also not available for comments. Sources close to the development however confirmed that the two agencies are already a part of the SBI General Insurance roster.
As is known, this joint venture includes SBI holding a majority stake of 74 per cent and IAG holding the remaining 26 per cent. IAG is an international general insurance group with operations in Australia, New Zealand, Thailand, Malaysia, China and the UK through various brands.
With the entry of SBI into the general insurance segment, the bouquet of financial products from the group is complete in the financial services areas. The bank is already offering life insurance products through its subsidiary, SBI Life Insurance Company of India.