SBI General Insurance CFO Attra prioritizes profitable growth through innovation, expansion and tech integration

Jitendra Attra, Chief Financial Officer of SBI General Insurance, emphasized that innovation, market expansion, and tech integration are the primary focus areas for the next three years, aligning with the company's ambitious long-term strategy.

Attra highlighted the company's dedication to a retail-centric approach, aiming for dynamic growth while ensuring a balanced product mix.

"Our focus encompasses introducing a diverse portfolio of innovative products, expanding into semi-urban and rural markets, leveraging advanced technology to enhance customer experiences, and strengthening our distribution network through strategic alliances and digital channels," Attra told ETCFO.

"We aim for the retail business to serve as the core driver for our company, maintaining a balanced approach between group and retail mix," the CFO added.

Furthermore, the CFO shared that SBI General Insurance's long-term aim is to surpass industry benchmarks and achieve robust growth, with a focus on bottom-line performance.

Strategic Focus on Profitable Growth: CFO's Priority for FY25

Aligning with this long-term goal, the CFO expressed his top priority for FY25 is to drive growth with profitability. "While growth is critical for expanding our market presence and achieving our strategic goals, it is equally necessary to ensure that this growth has a long-term impact on our bottom-line sustainability. Therefore, my key priority would be to steer the company towards growth opportunities that will generate both revenue and profits," Attra said.

While outlining the strategy for profitable growth, the CFO revealed that SBI General Insurance plans to conduct a close analysis of the performance of various lines of business (LOBs) and identify those with the highest potential for profitability. "By carefully allocating resources and investments to these valuable LOBs, we aim to capitalize on their growth potential while increasing our returns."

Optimistic Outlook for India's Growth and Insurance Sector Reform

Attra remains optimistic about India's growth trajectory, expecting positive developments in financial markets.

The CFO highlighted that recent initiatives, such as allowing Private Equity funds to invest directly in insurance companies, aligning with the vision of "insurance for all" by 2047, are bolstering reforms for the industry's long-term sustainability and aligning with government objectives, fostering a healthier population and ensuring prosperity.

"The future of the insurance industry in India looks promising owing to several changes in the regulatory framework with an open architecture model, ease of entry, Bima Trinity, de-notification of tariff wordings, and revised motor obligation mechanism," the CFO added.