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The Company undertook a thorough materiality assessment process with an in-depth analysis of all material issues, which could impact both the internal and external stakeholders. The objective was to ensure that all the critical issues were covered and the mitigation measures were clearly stated. The material topics listed down aligned with the goals and were essential keeping in view the ever-changing insurance landscape. The topics highlighted were listed considering the various capitals within which the Company operates.
The process involved examining industry and sector trends, conducting media scans and consulting relevant standards and frameworks. The assessment provided valuable insights into stakeholder expectations, market dynamics and the overall business environment in which we operate. Based on this, we developed a strong strategy that will contribute to enhanced value creation and sustainable growth for all the stakeholders.
Material matters are identified by considering our operating context with focus on legal and regulatory compliance requirements keeping in view the landscape we work in and the risks involved. Various frameworks like GRI, SASB were also considered for evaluation and identification.
We engage with our stakeholders to validate the importance and relevance of key issues. Identified key issues are prioritised based on the expectations of its stakeholders both internal and external.
We consolidate the outcomes into a materiality index, which serve as a reference for strategic decision-making and responsible disclosures.
Opportunity
Customer satisfaction is at the core of all our operations. We are dedicated to delivering exceptional customer service and continuously improving based on their valuable feedback. By listening and adapting to their needs, we aim to provide the best possible experience and build long-lasting relationships with our valued customers.
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Customers
Business Partners
Social & Relationship Capital
Risk
Adherence to ethical governance and business practices help us achieve our financial and sustainability goals. Upholding ethical standards enables us to build trust, maintain long-term relationships and create a positive impact on society and the environment. Failure to adhere to laws, regulations and industry standards can result in penalties, lawsuits, loss of customer trust and damage to the Company's reputation. Prioritising compliance is essential for long-term success and sustainability.
The Company is adopting internationally recognised best practices, as well as adhering to relevant laws, regulations set by regulatory authorities, such as the Securities and Exchange Board of India (SEBI) and the Insurance Regulatory and Development Authority of India (IRDAI) and Pension Fund Regulatory and Development Authority (PFRDA). The Company’s Corporate Governance framework is aligned with the requirements prescribed under the Companies Act, 2013 ('the Act'), Insurance Act, 1938 and various Regulation, Master Circular and guideline issued by IRDAI, and the Corporate Governance provisions prescribed under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) and as amended time to time. Besides this, there is a Code of Conduct for employees and suppliers. We have various modes of communication with our stakeholders to ensure that there is transparency and two-way communication.
Opportunity
We ensure that our purposeful products provide a safety net against unforeseen circumstances and offer financial support to the loved ones of the policyholders. Understanding the importance of financial planning and the need for protection for individuals and families, our product offerings across segments – including Individual as well as Group insurance, micro-insurance – assist the policyholders in accessing products at an affordable premium and meeting their varied insurance needs. Easy accessibility with flexible and customised plans for premium payment helps to improve our reputation amongst all stakeholders and provide a competitive edge in the market.
Moreover, by expanding access to insurance services and products to under served population the Company is enabling financial inclusion of vulnerable & marginalised communities. Financial inclusion enhances societal well-being while unlocking newer opportunities for the Company.
Risk
We have access to personal information required for financial transactions. With increase in number and volume of digital transactions, there is an added risk of information security. Cybersecurity and customer privacy play a crucial role in pushing the business towards sustainable practices.
We have an Information and Cybersecurity Policy, Data Governance Policy and Acceptable Usage Policy. We have in-built governance mechanism for implementation of policies, and plans for cybersecurity breaches and incident response. We have also strengthened its Security Operation Centre (SOC) to monitor IT devices, websites, mobile applications and other domains on a 24x7 basis.
Risk
Effective risk management and a robust business continuity plan are critical for us. By identifying, assessing and mitigating risks, we can minimise potential disruptions, protect assets and ensure continuity of operations. A detailed business continuity plan addresses various scenarios, enabling timely response, recovery and resilience in the face of unforeseen events or challenges.
Our Enterprise Risk Management System is governed by ISO 31000:2018 and covers all its departments and functions at the Corporate Office, Central Processing Centre, and Regional & Branch Offices. We have a comprehensive Risk Management Policy for effective and robust risk management and the same is reviewed by the Risk Management Committee of the Board (RMC-B) annually. We have established a Business Continuity Management Policy (BCMP) which implements the outlined processes and defined action plans in case of a major incident to mitigate the impact on the operations of the Company. The business continuity practices are ISO 22301:2019 certified, thus ensuring best practices and efficient processes.
Opportunity
As an organisation, we are deeply committed to fostering a safe, diverse and equitable working environment. We prioritise providing our employees and partners with meaningful feedback, motivation and ample opportunities for upskilling. Our aim is to create a workplace that nurtures growth, enabling both our employees and partners to thrive personally and professionally.
Moreover, by integrating sustainability in our supply chain and partnerships, we actively promote ethical & responsible business practices across our operations.
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Risk
We respect and are fully committed to upholding individual rights in all aspects of our operations, including policy formulation. We strive to ensure that our actions align with principles of dignity, equality and fairness, fostering an inclusive and ethical environment for all.
We have adopted the Human Rights Policy. This policy provides a framework for ensuring the well-being of our employees. To address any concerns or grievances related to human rights, we have established a publicly accessible Whistle Blower Policy. Besides this, we have a well-defined suppliers Code of Conduct which ensures that there is no violation of human rights from supplier side.
Opportunity
Responsible investment is a key focus, and we plan to integrate environmental, social and governance (ESG) factors into our investment decisions, considering the long-term impact on both financial returns and sustainability.
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Risk
By assessing our natural resource consumption like water & material use we can incorporate sustainable practices within our operations.
Climate change is a global concern and the increasing incidences of extreme weather events affects our insurance business. Adapting our underwriting practices to manage climate related risks and promoting resilience are crucial to long term sustainability.
We can play a vital role in addressing issues such as carbon emissions, water availability, biodiversity preservation and waste diverted to landfill.
We are taking steps to ensure tracking and monitoring of our GHG emissions, water usage, waste management processes and initiatives on biodiversity. We have identified initiatives and are developing a roadmap to reduce our overall environmental footprint. We are exploring renewable sources of energy, and recycling water and e-waste.
Opportunity
Corporate social responsibility (CSR) and community development are essential drivers of sustainable long-term growth. We recognise their importance in creating positive social and environmental impact, while ensuring our own success and longevity.
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