STAKEHOLDER ENGAGEMENT
FOSTERING CONSTRUCTIVE
DIALOGUES
Engaging with stakeholders is an ongoing process. We have built close ties with our stakeholders and have gained valuable understanding and insights into their requirements, preferences and challenges. Our continuous and open dialogues enable us to make constant improvements and drive holistic value creation.
EMPLOYEES
KEY PRIORITIES
- Career development opportunities
- Regular training to learn and develop new skills
- Cross-functional training
- Manageable stress levels at work
HOW WE ENGAGE
- Feedbacks and surveys
- Performance updates
- Bespoke learning and development programmes
- Internal publications and circulars
- Tailor-made induction programmes
HOW WE DELIVER VALUE
- Salaries and benefits of `13.61 billion in FY20
- Invested `99.64 million in employees’, learning and development in FY20
- Introduced a health check-up programme for employees across the country
- Ensuring the safety of employees by embracing work from home
CUSTOMERS
KEY PRIORITIES
- Easy and fast claim settlement
- Quick resolution of problems
- 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
- ‘Easy Access’ app – one-stop platform for customers
HOW WE DELIVER VALUE
- Provide diverse, innovative and need-based solutions
- Reduction in grievances from 27 to 26 per 10,000 policies
- Sold over 1.55 million policies in FY20
- Claim amount (net of reinsurance) paid in FY20: `161.75 billion (including 48,000+ death claims)
BUSINESS PARTNERS
KEY PRIORITIES
- Long-term relationships
- Quick response to queries
- Product and value proposition
HOW WE ENGAGE
- Organising conferences and workshops
- One-to-one meetings
- Communication via telephone, email and so on
- Digital platforms for interaction
HOW WE DELIVER VALUE
- Commission paid:
- Bancassurance: `9.77 billion
- Corporate agents and brokers: `0.34 billion
- Individual agents: `5.55 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 Meetings
- Annual Reports
- Investor/analysts meets
- Media releases
- Timely dissemination of information
HOW WE DELIVER VALUE
- Trusted by marquee domestic and foreign institutional investors (31.61% stake as on March 31, 2020)
REGULATORS
KEY PRIORITIES
- Statutory and legal compliance
- Transparent and open operations
- Effective and efficient management of regulatory change
- Timely submission of reports
- Support to various schemes of the government
HOW WE ENGAGE
- Meetings
- Representation through various trade bodies
- Workshops
- Written communication
HOW WE DELIVER VALUE
- Played a proactive role in creating awareness about insurance products
- Complied with the new regulations by filing revised products within timeline
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 communication
- Presentations
- Meetings
- Forums
HOW WE DELIVER VALUE
- Enhancing stakeholders’ confidence
- Adopting transparent and ethical practices
- Ensuring transparency in business operations
COMMUNITIES
KEY PRIORITIES
- Proactive involvement
- Community development
- Approach towards various social issues
- Environment protection
HOW WE ENGAGE
- CSR partnerships
- Contribution towards various causes such as education, healthcare, rural development, environment and disaster relief
- Minimisation of environmental footprint
- Contribution towards various initiatives in fighting COVID-19
HOW WE DELIVER VALUE
- Empowering communities around us
- Adopted sustainable business practices
- Worked towards uplifting the weaker sections