Fastlane Claim Settlement is a new value-added service introduced by SBI General Insurance for its automobile insurance-holders. Customers can have their small-value car insurance claims handled quickly as part of this value-add service, according to a statement published by the corporation. By minimizing the settlement timeframe to just a matter of minutes, the company hopes to improve the user experience for handling claim settlements.
Atul Deshpande, Head Claims and Digital, SBI General Insurance, commented on the debut that "At SBI General, we have always focused on delivering customer-centric solutions which will ultimately transform the customer satisfaction to customer delight. We strongly believe that technology and digital solutions can play an integral role in ramping up the customer experience. With Fastlane Claim Settlement, we aim to lower the turn-around time for settling motor vehicle claims, thereby reducing the need for physical inspection, documentation and query management."
According to the official website of SBI General Insurance, "SBI General Insurance Company Limited commenced its operations as a joint venture between State Bank of India (SBI) and Insurance Australia Group (IAG). Pursuant to stake sale by IAG on 27th March 2020, SBI now owns 70%, while Napean Opportunities LLP (Premji Invest affiliate) owns 16.01%, Honey Wheat Investment Ltd., an entity forming part of Warburg Pincus Group owns 9.99%, PI Opportunities Fund-1 owns 2.35% and Axis New Opportunities AIF-I owns 1.65% stake in SBI General Insurance."
The website has also clarified that "SBI General Insurance follows a robust multi-distribution model encompassing Bancassurance, Agency, Broking and Retail Direct Channels. Today, SBI General's Distribution family includes over 21,000 IRDAI certified employees including the State Bank Group employees, and over 8,000 Agents to make insurance easily available even in the remote areas of the country."
The website has also stated that "SBI General Insurance has established its presence in over 23000 branches of State Bank Group and over 5500 Regional Rural Banks (RRBs). The company's current geographical exposure covers 110+ cities pan India with a presence of another 350+ locations through satellite resources. SBI General Insurance is currently serving three key customer segments i.e. Retail Segment (catering to Individual & Families), Corporate Segment (catering mid to large size companies) and SME Segment."