Our robust corporate governance framework is based on strong operational, risk management, reporting and financial processes. It can bring authority and accountability while enabling effective decision-making in an organisation.
Good governance encourages decisions to be made in a way that is most likely to promote the success of the Company for the benefit of its members, taking into account the views and interest of the wider stakeholders.
At SBI Life, we aim to achieve this through a governance framework that supports decision-making, which is continuously updated to meet the Company’s needs, and encompasses a prudent system of internal controls and processes for identifying, managing and mitigating key risks.
In a corporate context, good governance sets the tone and environment for all individuals or stakeholders to have a voice. A commitment to good corporate governance means:
SBI Life is governed by two principal groups i.e., the Board of Directors and the esteemed senior leadership team (SLT). Together, they forge a collective commitment to uphold our core values and embody the highest standards of corporate governance.
With multiple open communication channels, educational programmes, and targeted initiatives, we nurture a culture to stay true to our core values that will help us realise our purpose. In addition, we prioritise ethical conduct through contracts, policies, and practices that govern our interactions with vendors, suppliers, and employees.
Using our core values and underlying philosophies to guide the Company in taking actions
Provide information which is clear and concise in addition to having simple processes which are effective and easy to understand
Customer self-service application, mobile applications for partners - Smart Advisor, SAATHI, workflows, process automation, online insurance, transparency in disclosing to regulatory authorities/shareholders
Curious & open to learn from anyone & anywhere because we believe in introspection and continuous improvement
Net Promoter Score (NPS) measurement, Going Extra Miles (GEM), Balanced Score Cards; Friday Pathshala (Open Topics-training initiative); Trainings for Top Executives (Senior Leadership Team)
Honest, open, fair and will always follow sound ethical principles
Sales Quality Score (SQS), Claims Review Committee, Complaints Root Cause Analysis (RCA) & Review, Well Defined Grievance Policy, Townhall, Learning through Excellence and Performance (LEAP)
Bring new ideas to life with an intention to improve, customise and stay relevant
All Ideas Matter (AIL), Innovation KPL (Knowledge Premier League) Contest, Digi Lab
Work with selfless concern towards long-term well-being and welfare of our community
Initiated CSR Committee-led activities; set up digital platforms and push for digitalisation (planet-friendly); Formed Environment, Social & Governance (ESG) and responsible Investment Framework along with ESG and Responsible Investment policy for tracking emissions on regular basis
Our governance structure refers to the framework of rules and practices by which the Board ensures accountability, fairness and transparency on how the Company runs and communicates with the stakeholders. Our governance structure is aligned with our purpose and objectives and ensures long-term stakeholder value. We foster strong management and trusted relationships through transparent processes, responsible practices and comprehensive risk management.