SBI General Insurance, the joint venture between State Bank of India and Insurance Australia Group (IAG), is on the lookout for a creative partner. It is learnt that a few creative agencies have pitched for the business. No official confirmation was forthcoming at the time of filing the report, however industry sources have confirmed the pitch call.
The venture includes SBI holding the majority stake of 74 per cent in the joint venture and IAG holding the remaining 26 per cent.
With the entry of SBI into the general insurance business, the bouquet of financial products offered by the group ensures its footprints in every area of financial services. The bank is already offering life insurance products through its subsidiary, SBI Life Insurance Company of India.
IAG is an international general insurance group with operations in Australia, New Zealand, Thailand, Malaysia, China and the UK through various brands.