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Strategy

Dreams in Focus to Shape India’s Tomorrow

Amid evolving customer expectations and rapid digital disruption, our strategy remains firmly aligned with our purpose of supporting every Indian’s dream of staying secure and protected. By enhancing engagement, advancing technology and expanding our reach, we are building a future-ready foundation for sustainable growth and inclusive impact.

Capitals

Financial Capital

Service Capital

Intellectual Capital

Human Capital

Social & Relationship Capital

Natural Capital

Material Topics

  • M1 - Customer service and satisfaction
  • M2 - Governance, transparency and ethical business practices
  • M3 - Purposeful products and services driving financial inclusion
  • M4 - Data privacy and information security
  • M5 - Risk management and business continuity
  • M6 - Employee and supplier centricity
  • M7 - Human rights
  • M8 - Responsible investment
  • M9 - Environmental impact and climate change
  • M10 - CSR and community development

Robust distribution model with unparalleled reach

Actions taken

  • Backed by a strong force of 309k+ insurance personnel, focused on need-based selling to offer tailored customer solutions
  • Launched Agency 2.0, resulting in over 97,000+ gross additions to agents, improved collaboration and 20% growth in productivity (₹ 2.9 lakhs on Individual NBP basis). The channel holds 31% NBP share in the private market
  • Deepened bancassurance with SBI and RRBs, contributing 61% to total APE (8% YoY growth) and accounting for 28% of total industry NBP
  • Expanded footprint by opening 70 new branches across Tier 1, Tier 2 and underserved Tier 3 and Tier 4 cities
  • Achieved 22% growth in Individual New Business Premium across alternate channels such as direct, corporate agents, brokers, online, personalised partner portal and web aggregators
  • Digital channel sales rose 46% year-on-year, supported by enhanced distributor tools like predictive insights
  • Strengthened tech enablement across all sales and service touchpoints, driving a seamless and agile customer and partner experience

Way forward

  • Expand our agency channel, particularly in Tier 2/3 cities and rural areas, to reach under-penetrated markets. By recruiting more agents and enhancing their productivity with digital tools, mobile CRMs and real-time training, we aim to build a stronger, tech-enabled sales force. Performance will be further driven through gamified incentives, including rewards, dashboards and leaderboards
  • Deepen integration with SBI and other partner banks, leveraging their wide branch network to reach a broader customer base. The focus will be on improving cross-selling efficiency, training bank staff on insurance solutions and deploying digital tools to streamline the customer journey
  • Invest in omnichannel distribution strategies such as revamping the website and mobile application, deploying chatbots and AI-powered advisors, leveraging digital platforms like WhatsApp, UPI and QR codes to enable low-friction buying, especially in rural areas, and partnering with a wider network of insurance aggregators
  • Strengthen partnerships with NBFCs and fintechs for embedded insurance and with corporates for group term insurance. InsurTech tie-ups are also enabling faster onboarding, underwriting and claims processing
  • Promote awareness and financial literacy through mass outreach efforts, including vernacular videos, success stories and short reels to build trust and connect with diverse audiences

Capitals deployed/impacted

Material themes

Related risks

  • Distribution Risk
  • Product Risk
  • New Business Risk
  • Fraud Risk

Sustainable growth with value creation

Actions taken

  • Achieved 27% growth in PAT and a robust 21% rise in Embedded Value, reinforcing financial strength and future-readiness.
  • Maintained a sharp focus on accelerating VoNB in line with APE growth, having doubled VoNB over four years.
  • Strengthened customer trust with improved persistency (13th month at 87.41%, 61st month at 62.69%), reflecting long-term engagement and satisfaction.
  • Improved automated underwriting coverage from 45% to 54%, offering faster access to protection and financial planning.
  • Retained leadership in the private market with 11% growth in Individual New Business Premium.
  • Ensured cost efficiency with one of the lowest cost ratios in the industry, alongside a healthy solvency ratio of 1.96, zero debt and a net worth of ₹ 169.8 billion.
  • Assets Under Management with 61% in debt instruments — 94% of which are AAA and Sovereign rated — to safeguard and grow customer wealth.
  • Launched 13 new products across term, savings, ULIPs and annuities — offering flexible features to meet diverse and evolving life goals.
  • Maintained strong corporate governance and compliance to ensure long-term value creation for all stakeholders.
  • Leveraged data analytics and risk modelling to guide smarter, future-ready business decisions.
  • Embedded digital intelligence across operations to enhance efficiencies and reduce operational costs.

Way forward

  • Develop affordable, customised insurance products that meet evolving customer needs
  • Maintain VoNB margin consistency to deliver long-term value across cycles
  • Scale sustainable operating models to unlock cost efficiencies and growth
  • Build a skilled workforce aligned with sustainable growth objectives
  • Advance AI-driven decision-making for sharper risk insights and operational agility
  • Maintain transparency and foster long-term relationships with customers, partners and investors

Capitals deployed/impacted

Material themes

Related risks

  • New Business Risk
  • People & Culture Risk

Customer engagement with enhanced experience

Actions taken

  • Smart Care app for customers, offering over 30 self-service features ensures a seamless end-to-end journey by integrating policy services and claims on one digital platform. It offers real-time access, convenience and personalised engagement throughout the customer lifecycle
  • Achieved 18% growth in Total Sum Assured and 43% growth in Individual Sum Assured, reflecting increasing customer demand for financial security
  • Earned customer advocacy with a Net Promoter Score (NPS) of 82,showcasing satisfaction and loyalty
  • Maintained robust grievance redressal, with just 5 complaints per 10,000 policies, highlighting effective service resolution
  • Maintained a low mis-selling ratio of 0.02% amongst private players and improved death claim settlement ratio to 99.4%, up by 23 bps YoY
  • Offered omnichannel support via 24/7 helpline, email, chat and an AI-powered chatbot for quick query resolution
  • Enabled digital onboarding with paperless KYC and e-signatures, ensuring faster and hassle-free policy issuance
  • Launched several new insurance solutions tailored across different customer needs, varied age groups and life stages.
  • Offered financial literacy content and transparent tools to build informed decisions
  • Leveraged customer feedback and data to offer personalised, flexible coverage options

Way forward

  • Personalise digital journeys with AI to address varied life-stage needs
  • Expand omnichannel support across digital (app, website) and offline channels (branches, call centres)
  • Reinforce trust through continuous innovation and experience-led engagement
  • Improve customer education and awareness through targeted education campaigns, webinars and interactive content
  • Simplify claims processes to ensure quick, hassle-free and transparent settlements
  • Expand financial inclusion and reach with simplified products, outreach programmes to engage under-served segments (rural, low income groups)

Capitals deployed/impacted

Material themes

Related risks

  • Product Risk
  • New Business Risk
  • People & Culture Risk
  • Data Privacy Risk
  • Fraud Risk

Building skilled and dynamic team

Actions taken

  • Enabled continuous growth through skill-building workshops, certifications and e-learning across insurance, sales, technology and customer service
  • Extended digital training to more than 86% people, including employees and distributors
  • Built a diverse and inclusive workforce by recruiting talent across experience levels and improving women’s representation to 23% in FY25 (vs 21% in FY24)
  • Strengthened onboarding and learning culture through structured induction programmes, equipping new hires to contribute meaningfully from day one
  • Invested in the future by grooming leaders through dedicated development programmes focused on decision-making and strategic thinking
  • Reduced attrition to 25% in FY25 from 28% in FY24, reflecting a more engaged and committed workforce
  • Encouraged high performance and retention through performance-linked incentives, bonuses and recognition programmes
  • Enhanced employee experience through HR One, a cloud-based HRMS that streamlined recruitment, onboarding, performance tracking, leave and attendance

Way forward

  • Develop future-ready talent with skills in insurance, digital technologies, analytics and customer service
  • Expand digital learning ecosystems for agile, informed decision-making
  • Identify and groom high-potential employees for leadership roles through structured succession planning and leadership development programmes
  • Foster a culture of lifelong learning through regular training, e-learning platforms and professional development initiatives
  • Promote a diverse and inclusive workplace that values different backgrounds, ideas and perspectives
  • Improve employee satisfaction and retention by investing in well-being, mental health, flexible work arrangements and open communication

Capitals deployed/impacted

Material themes

Related risks

  • Distribution Risk
  • People & Culture Risk

Expanding digital footprints for seamless journey

Actions taken

  • Empowered over 50 lakhs unique users via Smart Care (up from 41 lakhs in FY24) and deepened customer integration through SBI YONO app enhancements
  • Achieved 98.7% digital logging of new business proposals and 97% digital renewal premium collections, supporting seamless, contactless servicing
  • Implemented AI-driven tools and Voice BOTs for renewals, enhancing operational efficiency
  • Utilised Eshiksha, a digital learning platform, with an average of 12 hours of training per employee, supporting a hybrid work environment
  • Deployed 345 Robotic Process Automation BOTs across 299 processes, automating 2,394 work tasks for improved efficiency
  • Empowered over 3,09,000 distributors with digital tools like CRM Next and AI-based analytics, facilitating seamless policy lifecycle management
  • Strengthened cybersecurity frameworks, upgraded core infrastructure (DC, DR, WAN) and implemented Darwinbox SaaS, ESG microsite, InsightGenie and more
  • Enabled 100% paperless onboarding for advisors and CIFs, alongside e-KYC and e-signatures for swift policy issuance
  • Deployed over 40 digital applications and 7 analytical tools, improving partner engagement and operational efficiency

Way forward

  • Enhance digital-first approach with seamless, end-to-end customer journeys
  • Leverage data intelligence to drive personalisation and proactive service
  • Build a scalable and secure digital infrastructure
  • Leverage advanced technologies (AI, ML, Predictive Analytics) for personalised product offerings
  • Educate employees on green IT practices such as turning off unused devices, minimising email storage and using energy-efficient modes
  • Embed Environmental, Social and Governance (ESG) principles into digital procurement, vendor selection and operations

Capitals deployed/impacted

Material themes

Related risks

  • Distribution Risk
  • Data Privacy Risk
  • Fraud Risk