VALUE CREATION STRATEGY

A strategic roadmap to tomorrow

We have thoughtfully redefined our strategies and made well-informed decisions to remain relevant to all our stakeholders. We believe economic growth should create opportunities for all, which is why we are focused on building partnerships that foster inclusive growth across our value chain.

Our vision

To be the most trusted and preferred life insurance provider

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Expanding geographical presence through robust distribution network

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Profitable growth through efficient cost discipline

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Building customer value proposition

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Expanding our digital footprint

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Developing a skilled workforce

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Delivered through
Focused and timely execution of our strategies.

Leading to
  • Customer loyalty and healthy customer addition
  • Higher operational efficiencies and superior financial performance

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    VALUE CREATION STRATEGY

    Creating value, growing together

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    Expanding geographical presence through robust distribution network

  • Drive geographically diversified business growth
  • Strengthen distributor collaborations via continuous engagement and communication
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    Profitable growth through efficient cost discipline

  • Continue to diversify our product portfolio
  • Deploy risk score based underwriting model using predictive analytics to achieve a prudent risk-reward balance
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    Building customer value proposition

  • Derive deep customer knowledge and insights through several engagement programmes
  • Listen and act on customer feedback, and deliver service improvements across all touch points
  • Real-time data and updates
    • FY21 achievements
  • Top 3 states contributed less than 30% of total NBP
  • Increase in distribution partners

    • 39,679

    Agents

    2,064

    SPs

    5

    Brokers

  • Reduced total cost ratio to 8.3% from 9.9% in FY20
  • Reduced commission ratio to 3.5% from 4.0% in FY20
  • Reduced opex ratio to 4.8% from 5.9% in FY20
  • Maintained surrender ratio at 3.9%
  • Improved persistency ratios for all time frames

    • 1.66 million

    New Policies added

    Capitals impacted
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    Key material issues addressed
    • Providing cost effective, innovative insurance products
    • Partnering in community development.
    • Addressing various social issues
    • Environment protection
    • Providing cost effective, innovative insurance products
    • Timely reimbursements and response to business partners
    • Adopting a robust, swift and efficient risk management mechanism
    • Quick and easy processing of claims & faster response to customer queries
    • Providing cost effective, innovative insurance products
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    Expanding our digital footprint

    • Digitalise agent-customer relationship
    • Scale up use of automation and Artificial Intelligence in core operations
    • Increase share of end-to-end digital policies
    • Gain a 360° view of the customer and provide the next best offer
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    Developing a skilled workforce

    • Provide specialised training programme (product training, sales skills) based on tenure and background of distributors
    • Build capable in-house training team for structured and targeted training
    • Use online training powered by Artificial Intelligence to increase skill and knowledge
    FY21 achievements

    90%

    Of renewal premium digitally collected

    43%

    Increase in protection policies sold digitally

    Engaged with

    225,381

    Trained insurance professionals versus 186,495 in FY20

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    Key material issues addressed
    • Data privacy and information security
    • Quick and easy processing of claims & faster response to customer queries
    • Providing cost effective, innovative insurance products
    • Environment protection
    • Regular trainings and career development activities for our people
    • Effective management of regulatory changes
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    Financial Capital

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    Manufactured Capital

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    Intellectual Capital

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    Human Capital

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    Social and Relationship Capital

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    Natural Capital

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