OPERATIONAL EXCELLENCE

Towards being future-ready

Adapting to the ever-changing environment has always been imperative for our business operations. Following the pandemic, the demand for protection products surged and in keeping with it, we launched new products.

Harnessing the power of digitalisation, we seamlessly moved the entire process online from onboarding to customer servicing and disbursing claims. We also used digital channels to train and upskill employees.

FY22 HIGHLIGHTS

19.23 lakh

Individual New Business Policies

136.89 lakh

New Lives covered under Group policies

₹254.57 bn

New Business premium

23%

Increase in New Business Premium

12%

Increase in Renewal Premium Business

₹312.38 bn

Benefits pay-out (net of reinsurance)

Key Initiatives

Distributors

SBI Life on YONO Branch Portal

We recently launched “YONO” Branch Portal to drive adoption of digital banking among our customers. The features of this portal include:

  • Easy access through CBS, with no additional login required.
  • Auto population of data from CBS.
  • No additional auto debit mandate required.

SAATHI V2.0

We further developed our SAATHI V2.0, an empowering digital technology solution in July 21 for our front line sales employees. This new version has features such as Goals, Coach module and Nudges. It also tracks performance of our distributions at different levels.

In addition, users can share links to product guides, brochures/tools & calculators with prospective customers, directly through SAATHI app.

Tie up with PhonePe Insurance Broking Services & Renew Buy

To redefine customer experience through innovations such as risk-free underwriting, on-the-spot purchasing, activation, and claims processing and to be agile to changing consumer behaviour and advanced technologies we have signed agreement with major Fintechs like Phone Pe & Renew Buy for insurance solutions available to our customers.

Customers

Smart Care

  • Progressive Web Application for end to end customer journey.
  • A host of self-servicing options such as fund switch, loan quotes, withdrawals and much more enables the user to transact on their policy at the click of a button with minimum dependency.
  • Improved transparency and customer engagement

Customer Awareness Campaigns

We ran customer awareness campaigns, which covers following points:

  • Multi Language SBI Life Touch Point
  • Demat (E-Insurance Account)
  • Update Personnel Details in Policy Account
  • Nomination Update
  • Digi Locker