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A Focussed and Futuristic Growth-Oriented Strategy

Our key strategies ensure alignment of our business goals with our overall purpose and values. Our strategies are aimed at satisfying the needs of our customers, scaling growth, ensuring accretive value creation and steering our growth journey. During the year, concrete achievements were made in each of our strategies, highlighting our ability to create value.

Our Strategic Priorities

Material Topics
Progress in FY 2024
  • Optimised distribution channel mix and strengthened multi-channel distribution network, especially the bancassurance and agency to amplify market reach
  • Partnered with financial institutions including fintechs to explore cross-selling and deepen penetration
  • Empowered distribution with digital: new platforms for need-based selling, personalised websites for agents, enhanced banca platform, predictive analytics for policy lifecycle support and a unified Partner Portal
  • Supported distributors with ongoing engagements, new products, enhanced grievance redressal mechanism and smart advisor updates
Medium-term Goals
  • Strengthening the distribution network and digital technology further to widen accessibility
  • Optimising channel mix to effectively cater to customers
  • Strategic partnerships to enhance market penetration

Impact on Capitals

Financial
Capital
Intellectual
Capital
Social & Relationship
Capital

Material Topics
Progress in FY 2024
  • Registered superlative performance across most of the parameters, outperforming the industry and expanding market share
  • 7-year CAGR of 21% in NBP, 20% in individual NBP, 16% in individual rated premium and 9% in individual policies ensuring growth across business cycles with a focus on quality
  • Maintained sustainable growth by ensuring one of the lowest cost ratios alongside a healthy financial position with solvency at 1.96, zero debt status and net worth of ₹ 149.1 billion
  • Ensuring sustained growth in distributor network and mix, new customer additions, existing customer retention and new product launches
  • Responsible investments with 64% AUM in debt, of which 95% are AAA & Sovereign instruments
  • Maintained the highest standards of governance and regulatory compliance
Medium-term Goals
  • Prudent financial management, cost efficiencies and robust corporate governance
  • Embracing innovation and technology and adapting to changing dynamics to meet evolving stakeholder needs
  • Maintaining an adequate capital position and healthy solvency margin

Impact on Capitals

Financial
Capital
Human
Capital
Social & Relationship
Capital

Material Topics
Progress in FY 2024
  • Introduced new products, reinforcing our comprehensive suite of insurance solutions catering to varied age groups, life stages and evolving needs
  • Launched Surrender Prevention tools for personalised outputs and reduced policy surrenders
  • Introduced innovative solutions: a needs analysis process for sales transparency, AI-based Voice IVR, Smart Care App for all needs, and Aadhaar-based e-mandates for secured recurring transactions authorisation
  • Enhanced service delivery by reducing policy issuance TAT and grievances, enhancing death claim and living benefit settlements, improving NPS and persistency
  • Augmented experiences with improvement in Contact Centre, Missed Call Service and WhatsApp Service
Medium-term Goals
  • Introducing innovative solutions and digital technologies for unique needs, personalisation and ensuring customer-first approach
  • Evolving from product provider to a critical partner in need
  • Improving persistency and key operating metrics

Impact on Capitals

Financial
Capital
Intellectual
Capital
Social & Relationship
Capital

Material Topics
Progress in FY 2024
  • Enhanced capacity building by increasing new hiring and higher investments in learning and development
  • Progressed on diversity, equity and inclusion led by various supportive policies, improving women's representation to 21.04%
  • Undertaking multiple employee engagement initiatives to enhance employee connect and retention
Medium-term Goals
  • Inclusive and supportive work culture, where employees feel valued and supported
  • Investing in employee learning and development, well-being and engagement
  • Future-ready workforce
  • 25% women employee by 2025

Impact on Capitals

Financial
Capital
Human
Capital

Material Topics
Progress in FY 2024
  • Integrated several next-gen technologies, including AI/ML, IoT and data analytics towards transforming into a fully digital organisation
  • Implemented advanced digital tools for enhanced customer experience and supporting business volumes; some efforts include Voice BOT for renewals, upgraded CRM Next, relaunched ‘Smart Care’ for efficiency and a multi-layered secure network architecture with SD-WAN
  • Deployed 272 Robotic Process Automation BOTs to improve efficiency and personalised services
  • Launched digital initiatives to make insurance more accessible and penetrate untapped markets
  • Partnered with various technology companies to expand digital reach and coverage
  • Leveraged digital learning platforms for immersive and engaging employee training
Medium-term Goals
  • Becoming a digital-first organisation
  • Innovating and augmenting digital capabilities to improve accessibility, operational efficiency, seamless partner and customer onboarding, and customer experiences
  • Leveraging technology to train employees
  • Data privacy and protection

Impact on Capitals

Financial
Capital
Human
Capital
Social & Relationship
Capital

Read more about our material topics
A Focussed and Futuristic Growth-Oriented Strategy