×
Intellectual Capital
Intellectual capital is a vital asset for the Company. Our digital tools and data analytics have played an integral role in helping us in product innovation, services and operational strategies. It helps the management to take informed decisions and create strategies for adding value at every touchpoint and reducing turnaround time for customers. Digitalisation has helped us accelerate service delivery, streamline processes, offer innovative products and reduce turnaround times. It has also helped us improve the accuracy of risk assessment and revolutionise customer interactions.
The Management has a focussed approach towards Intellectual Capital. By strategically managing this capital, we intend to enhance our competitive edge, drive innovation and achieve sustainable growth.
Our Intellectual Capital channelises the key resources resulting in competitive advantage, enhanced innovation, improved decision-making, increased efficiency and augmented market share.
Individual Policy Proposals Submitted Digitally
Individual Proposals Processed through Automated Underwriting
Renewal Premium Collected Digitally
Bitsight Score
At SBI Life, we make continuous and efficient use of technology for simplification of our processes. We continue to focus on long-term sustainable growth through enhanced digitalisation and process automation to ensure customer satisfaction and to deliver great value to all the stakeholders.
With demographic shifts, changes in customer needs and preferences, we are rethinking how we attract, serve and nurture our customers. Digitalisation has helped enhance customers’ experience with easy access to insurance services through our online platforms, including websites and mobile apps. The convenience reduces the need for physical visits to insurance offices and long wait times. Our policyholders can acquire better accessibility as they can easily view and manage their policies, file claims, and gain quick responses to their queries, enhancing satisfaction and loyalty.
Given the changing customer preferences towards automation and innovative solutions, SBI Life recognises the pivotal role of digitalisation in its customer strategy. We are actively transforming into a fully digital organisation by integrating cutting-edge technologies, including Artificial Intelligence (AI), Machine Learning, Internet of Things (IoT) and Data Analytics to elevate customer satisfaction and enhance their experience.
A needs analysis process has been implemented across retail and banca channels during new business procurement, enhancing transparency. This process offers comprehensive insights into customers' insurance needs, ensuring transparency and clarity. By analysing customer profiles and requirements, the needs analysis system recommends the most suitable insurance products, aligning with individual preferences and circumstances. This approach fosters trust and confidence among customers, as they receive tailored recommendations based on their unique situations. Additionally, it enables agents and advisors to better understand and address customer needs, facilitating informed decision-making. Overall, the needs analysis process promotes transparency, customer-centricity, and efficiency in the insurance procurement journey, ultimately enhancing customer satisfaction and loyalty.
Smart Care is a single app providing all the information that customers would require to manage their policy. It provides for 20+ self-service options and has turned out to be one of the most popular apps in the industry. The app has been made more user-friendly and robust with enhancements onto a new platform.
Unique Users in FY 2024 vs. 5.25 Lakhs in FY 2023
7.8X YoYViews / Transactions in FY 2024 vs. 1.59 Crore in FY 2023
99.9% YoYSelf-servicing Through Smart Care for 7 Major Policy Alteration Services vs 48% in FY 2023
Personalisation with more STP services and improved UI/UX will be the focus for the new year.
An ‘AI’ based Voice IVR has been implemented to replace the traditional touch tone IVR for the inbound Contact Centre, which will enable the customers to verbalise their service requirements instantly without any wait time. The Voice IVRs offer a greater consistency in providing the responses to customer queries and also enable cost reduction. Currently, the Voice IVR can address customer queries in English, Hindi and Hinglish and the customers can connect to the Contact Centre Agents any time during the call. In the first phase, the solution is trained to address the top most queries from customers.
This additional functionality integrated into Smart Care enables the setting up of e-mandates using the Aadhaar number. Aadhaar-based e-mandates offer a streamlined and secure way to authorise recurring transactions, providing convenience and efficiency to users. By leveraging Aadhaar authentication, users can establish mandates for financial transactions, such as renewal premium payments directly through the Smart Care platform. This integration enhances the accessibility and ease of financial management for users, reducing the need for manual paperwork and simplifying the authorisation process. Moreover, it ensures compliance with regulatory requirements and promotes financial inclusivity by offering a user-friendly solution that aligns with the Aadhaar-enabled ecosystem. Overall, this integration expands the capabilities of Smart Care, empowering users to manage their financial commitments seamlessly and securely.
Process transparency and exemplary service remains our key objective. Our continuous customer engagement and awareness campaigns have reduced mis-selling complaints and customer grievances. The process for verification and welcome calling ensured no chasm between customer understanding and product deliverables.
SBI LifeVerse Studio on Metaverse helps us connect, empower and engage with new-age consumers and revolutionise consumer experience in an immersive virtual world. Metaverse helps consumers transform their journeys by seamlessly incorporating a spectrum of technologies such as AI, Virtual Reality and other innovative digital mediums. We also integrated Parivartan (our web application for SBI) with SBI Life CRM system for grievance registration, which allows our customers to lodge complaints at SBI branch itself.
Zero data breaches
In a mission to redefine customer experience in the private life insurance space, we launched a 24x7 inbound customer care support. This solution enables the Company to stay connected with the consumers and provide real-time answers and solutions to queries regarding their policies or an array of insurance solutions we provide, and deliver a positive experience.
We have also embarked on a transformative digital journey to empower our employees and distributors with cutting-edge tools and technologies. Our partners and distributors are being encouraged to conduct digital – applying, onboarding and managing their policies and claims through digital-only workflows.
With the right tools, we are bringing our partners closer to their customers. Our aim is to facilitate our partners in taking a holistic approach to digital distribution, and making the leap to digital innovation without disrupting their current systems.
By upgrading our IT capabilities and leveraging a combination of traditional and digital tools and approaches, we are helping our partners adopt a customer-centric approach instead of a product-centric one. It assists them in deepening customer engagement and enhancing their access to a broader set of personalised products and services.
Smart Advisor
Agency Online
BANCA Online
RRB Online
Tata Consultancy Services (TCS) and SBI Life has a long-standing relationship which started in the year 2008 with SBI Life choosing TCS BaNCS insurance solution as core insurance policy administration platform for group products. This partnership helps SBI Life improve its operational efficiency, customer service and digital capabilities. It also provides capabilities to launch new group product offerings and respond to business and regulatory changes on a fast track basis as seen in the case of new products like SBI Life - Micro Shield. The integrated reporting database solution built inside TCS BaNCS also empowers SBI Life to design and develop their own reports quickly as per business and regulatory needs. TCS is proud of this long-lasting collaboration as SBI Life continues to consider TCS as preferred partner and leverage advanced technologies to streamline processes, optimise performance and offer better services to its customers.
SBI Life enhances its relationship with TCS through upgrading to the latest version of TCS BaNCS for Life Insurance and Pension Products to keep up with the latest technology stack and also to improve customer experience. As a first significant milestone, Renewal of PMJJBY (A group term product under the Social Security Insurance Scheme by the Government of India) policies having 4.54 crore active lives was completed in the month of June much ahead of the deadline. Consequently, SBI Life became the first life insurance provider to complete the PMJJBY renewal and upload to JanSuraksha Portal. During the exercise, the entire active member set of the main group policy was renewed in less than 24 hours. This achievement is a testament to immense collaborative effort on the part of all the stakeholders from both sides, their hard work and dedication and ability to work with each other efficiently. It is remarkable to observe that the new BaNCS 14.0 passed the June renewal test with flying colours. We are proud of this accomplishment and believe that this strategic partnership will increase strength to strength and achieve much more in the future.
SBI Life is committed to inculcating digitisation in its employees’ end-to-end journeys. By adopting cutting-edge and world-class technologies and business processes and proper digital skills, our goal is to ensure a tech-enabled workplace and help them unleash their full potential.
Through our comprehensive digitised processes, we are streamlining our internal processes. We have implemented integrated digital technologies across multiple processes, to assist employees in handling daily activities more easily and improve their productivity.
Our digital platforms have streamlined various processes, making them more efficient. Policy issuance, underwriting and claims processing have been automated and completed much faster. Automation of routine tasks also reduces the chances of errors and minimises paperwork on behalf of employees. Employees can use data analytics to assess risk more accurately, resulting in improved decision-making.
From processing claims to resolving customer queries, we equip our employees with the right tools to meet their needs, offer a seamless and intuitive experience, and keep them motivated and productive as they achieve their goals. We also conduct trainings for our employees to help them handle complicated situations and understand customised learning experiences.
Proactive management of our DC/DR/WAN infrastructure ensures that our Head Office, Central Processing Centre (CPC), our branches and customer facing applications are adequately supported to handle our growing business volumes and provide quality service to our customers.
At SBI Life, our primary objective is harnessing the capabilities of digital technologies to enhance our efficiency and achieve customer satisfaction. Digitisation helps employees handle complex business challenges and enable agile workflows, better data access and advanced data analytics to make informed business decisions with better risk assessment and faster claims processing.
An initiative has been taken up to replace the existing Human Resource Management System with a Cloud Based ‘SaaS’ solution from Darwin Box to include enhanced functionalities like Talent Acquisition & Onboarding, Employee Performance Management, Organisation Social Networking, Attendance Management, Merit Planning & Compensation Modelling, and Advanced Analytics. The solution will also provide a much-improved employee UI / UX and scalability. The solution is expected to go live in FY 2025.
This involves automating the process of data entry from images like medical reports and KYC documents and validation of the data with proposal form. The feature is integrated with new business processing and imageview application (Document Management System) for claim processing, resulting in improvement in TAT and minimising data entry errors.
RPA has enabled the automation of 550+ tasks across 185 business processes in various departments, with 245 bots operating around the clock. Combining solutions based on GenAI, RPA, and OCR technologies to form Hyper Automation solutions is being planned to improve efficiency and efficacy. We will continue to automate more processes in the next few years by using these solutions.
An AI-based voice BOT for calling customers for renewal premium payment was introduced in FY 2023.
SBI Life has various reporting and analytics platforms for strategic decision-making and actionable for a wide range of users, both internal and external.
Bitsight Score
Report Views/Downloads
ProcessesAutomated
Servicing Inforce Lives
Deployed Across 186 Processes
Queries Handled Through Chatbot
New and Refiled Products Rolled Out in FY 2024
Work Tasks Automated
Concurrent Sessions
Self-servicing Facilities for Customers
Set up data centre and disaster recovery centre
Process of customer onboarding
Less than 10 minutes
Issuance process of non-medical cases
Improving efficiency
Scaling digitally to support growth
25+ self-service facilities introduced
For early closure of customer requirement
Introduced website and customer communication in
regional languages
Digital Adoption for Sourcing New Business
Queries Resolved by Call Centre
Renewal Premium Collected Through App
Customer E-mail Enquiries Handled by Chatbot
Customers on PaisaGenie App
Queries Handled Through Chatbot
Processes Automated
Times Customers Serviced on WhatsApp
Digital Apps and 7 Reporting and Analytical Tools
It’s been 4 years since SBI Life embarked into the ambitious journey of process automation.
Automation Anywhere is the selected platform for implementation of the process automation & NSEIT is the System Integrator.
Till date 120+ automation BOTs have been developed which includes 600+ sub processes across 19 Business Functions. SBI Life & NSEIT Team is jointly working on implementing of automation for another set of ~80+ business processes in this financial year.
On an average 7.5 lakhs cases are being processed by these automated BOTs saving multiples of hundreds of critical human operations business hours on daily basis.
Cutting-edge technology has been implemented during the automation of these processes.
In FY 2024, SBI Life & NSEIT team focussed on leveraging the benefits of the following advancements in process automation technology to address various business challenges:
