Stakeholder engagement
Growing together.
Driving happiness.
Constructive, continuous and detailed stakeholder dialogue is pivotal to building and nurturing long-lasting, mutually beneficial relationships with our stakeholders. At SBI Life, we value open and effective communications with our stakeholders. We are aware of the stakeholder groups that have an impact on and the ones that we affect in our ongoing business and treat them as partners in our journey of value creation. Our key stakeholders are Customers, Employees, Business partners, Shareholders, Regulators, Rating agencies, Communities:
CUSTOMERS
KEY PRIORITIES
- Easy and fast claim settlement
- Quick resolution of problems
- Simple competitive product prices
- Knowledgeable and friendly staff
- Product innovation
HOW WE ENGAGE
- Customer Relationship managers
- Regular engagement via social media, email, SMS, app, telephone calls, postal communication and call centre
- Offer personal support and advice
HOW WE DELIVER VALUE
- Provide diverse, innovative and needbased solutions
- Sold over 15 lakh policies in FY 19
- Paid claim amount worth `152.33 billion in FY 19
EMPLOYEES
KEY PRIORITIES
- Career development opportunities
- Regular training to learn and develop new skills
- Cross-functional training
- Manageable stress levels at work
- Work Life balance
HOW WE ENGAGE
- Feedbacks and surveys
- Performance updates
- Learning and development initiatives
- Internal publications and circulars
- Wellness programmes
HOW WE DELIVER VALUE
- Paid salaries and employee benefits worth `12.37 billion in FY 19
- Invested `0.11 billion in employees’ learning and development in FY 19
BUSINESS PARTNERS
KEY PRIORITIES
- Long-term relationship
- Quick response to queries
- Product and value proposition
- Training & Development
HOW WE ENGAGE
- Organising conferences and workshops
- One-to-one meetings
- Communication via telephone, email, etc.
- Digital platforms for interaction
HOW WE DELIVER VALUE
- Commission paid:
Bancassurance partners: `8.26 billion
Corporate agents and brokers: `0.18 billion
Individual agents: `5.02 billion
SHAREHOLDERS
KEY PRIORITIES
- Timely communication of material information
- Clear and consistent business strategy
- Strong corporate governance and ethics
- Transparency
HOW WE ENGAGE
- Investor presentations
- Annual General Meeting
- Annual Report
- Investor/analysts meet
- Media releases
HOW WE DELIVER VALUE
- Consistently paying dividend to the shareholders for the last eight years
- Trusted by marquee domestic and foreign institutional investors (28.26% stake as on March 31, 2019)
REGULATORS
KEY PRIORITIES
- Statutory and legal compliance
- Transparent and open operations
- Effective and efficient management of regulatory change
- Timely reporting
- Financial inclusion
HOW WE ENGAGE
- Meetings
- Representation through various trade bodies
- Workshops
HOW WE DELIVER VALUE
- Played a proactive role in creating awareness about insurance products
- Maintained high compliance with all regulations
RATING AGENCIES
KEY PRIORITIES
- Stable, consistent and conservatively-managed balance sheet
- Robust risk management and risk mitigation techniques
- Transparency in disclosures
HOW WE ENGAGE
- Written communications
- Presentations
- Meetings
HOW WE DELIVER VALUE
- Enhanced stakeholders confidence
- Adopt transparent and ethical practices
COMMUNITIES
KEY PRIORITIES
- Proactive involvement
- Community development
- Approach towards various social issues
- Environment protection
HOW WE ENGAGE
- CSR partnerships
- Contribution towards various causes like Education, Healthcare, Rural Development, Environment and Disaster Relief
- Minimisation of environmental footprint
HOW WE DELIVER VALUE
- Empowering communities around us
- Adopted sustainable business practices
- Worked towards uplifting the weaker sections