SBI General Insurance is on a mission to transform the landscape of diversity and inclusion in India’s financial services sector. With bold strategies, the company is breaking down barriers and creating a more equitable workplace, where women are encouraged to thrive and take on leadership roles in a traditionally male-dominated industry.
As an arm of the State Bank of India (SBI) group, SBI General Insurance has set its sights on reshaping gender diversity with real, measurable impact. Currently, women make up 16.5 per cent of the company’s workforce, and 25 per cent of its leadership roles are held by women—figures that signal progress but also highlight the work still to be done. “We are committed to increasing these percentages every year,” says, Saurabh Shyam, head HR and learning & development, SBI General Insurance. The firm isn’t just talking about change—it’s putting in place the kind of innovative initiatives that ensure progress happens.
One standout initiative is its gender-specific referral bonus, which offers employees double the standard reward for referring female candidates, particularly in sales, where women are underrepresented. This initiative, along with others, reflects the company’s commitment to building a balanced and inclusive workforce.
We are committed to increasing these percentages every year. This isn’t just talking about change—it’s putting in place the kind of innovative initiatives that ensure progress happens.”
Saurabh Shyam, head HR and learning & development, SBI General Insurance
But inclusivity at SBI General Insurance goes beyond just gender. As a pan-India company, it has made geographic diversity a priority, hiring local talent to ensure a deep understanding of the markets and customer bases they serve. “Hiring local talent also helps with language proficiency, which is critical for direct customer interaction,” Shyam explains, highlighting the company’s broad commitment to diversity in its many forms.
The company’s recruitment strategy reflects this ambition, with a clear goal in mind: ensure that half of all candidates considered for any position are women. “We aim to increase our gender diversity ratio by at least 1 per cent each year,” Shyam shares. Achieving this will require targeted efforts, especially in regions and roles that have been historically male-dominated.
SBI General Insurance is focusing its recruitment efforts on campus placements, particularly in MBA programmes and smaller institutions, where the talent pool often includes women well-prepared for corporate roles. In fact, the firm’s focus has already started paying off—last year, four out of five HR hires were women.
Shyam sees untapped potential in smaller towns and cities across India. In collaboration with government internship schemes, SBI General is actively recruiting women from these areas, expanding its reach beyond metropolitan hubs. This strategy not only diversifies the company’s workforce but also ensures that talent from all corners of India is given a chance to grow and thrive.
Building women leaders is another cornerstone of SBI General’s inclusivity efforts. The company has established a robust framework to identify high-potential employees (HiPos), evaluating them based on their performance, educational background, and cultural fit. These promising employees are then rotated through different business units, gaining the experience necessary to take on senior leadership roles. Shyam emphasises the importance of mentorship in this process. Senior executives at the company mentor junior employees, creating a culture where women feel empowered to pursue top leadership roles. The firm also hosts leadership development sessions specifically for women, reinforcing the belief that women leaders can inspire future generations and drive change throughout the workplace.
Open communication and feedback loops are crucial in fostering a truly inclusive environment, and SBI General has created multiple channels for employees to voice their thoughts and concerns. From town halls to HR visits and dedicated email lines, employees are encouraged to share their experiences. One of the most innovative initiatives is the company’s mid-year appraisal system, which focuses on personal development rather than just performance. Managers engage in meaningful conversations with their teams, discussing strengths, areas for improvement, and ways the organisation can provide further support. For women, this system offers an invaluable opportunity to address any unique challenges they may face and outline their career goals.
SBI General Insurance’s approach to feedback is built on transparency. “We document these discussions and make sure they are acted upon,” says Shyam, underlining the importance of follow-through. The firm has also implemented “HR Direct,” an initiative that allows any employee to speak directly with Shyam once a month in an hour-long virtual meeting. Whether it’s feedback, concerns, or personal issues, employees have a direct line to leadership, fostering a culture of openness and support.
Despite its progress, SBI General Insurance acknowledges that achieving true gender parity will take time and continuous effort, especially in a sector where women’s participation remains low. Shyam is candid about the challenges: “We are pushing the agenda of diversity and inclusion because it is not going to happen on its own.” The company is constantly refining its recruitment and retention strategies, targeting untapped regions and roles where more women can be brought into the fold.
As SBI General Insurance looks to the future, its commitment to inclusivity remains a driving force behind its growth. The company’s focused efforts to increase female participation, nurture leadership talent, and create an environment of openness and support are laying the foundation for a more diverse and equitable workplace. For SBI General Insurance, inclusivity isn’t just a goal—it’s a journey, and the company is determined to keep moving forward year after year.