During a recent Federation of Indian Chambers of Commerce & Industry (FICCI) event, Ashwini Tewari, managing director of State Bank of India (SBI), highlighted the need for insurance companies to prioritize protection products, which currently account for only 10% of the industry. He expressed concerns over the significant share of unit-linked insurance plans (ULIPs), which make up 39% of SBI Life's product mix and 42% of new business premiums. Tewari underscored the importance of educating customers about financial products and ensuring responsible selling practices, stating that the focus should not solely be on products that yield higher commissions for distributors. He also mentioned the potential of utilizing the 1.4 million business correspondent points to broaden the distribution of micro-insurance and investment products, emphasizing the need for training and digital enablement for these correspondents. Tewari's comments align with ongoing discussions about whether banks should adopt an open architecture model for distributing third-party financial products.