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| Birla Sun Life Insurance stands out for its Claim Settlement Performance |
| Announcement / Banking Apr 01, 2010, 21:14 IST |
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Birla Sun Life, one amongst India’s leading life insurance company has achieved an enviable ‘outstanding claims percentage’. The company stands out for its leadership in speedy and prompt claim settlement.
Key claim settlement highlights for BSLI for 2008-2009:
- Processed 99.49% of all Individual Death claims received
- Processed 100% of all Death Claims received for Group business
- Achieved Individual Death Claims Outstanding ratio of 0.51% & 0.00% for Group Death Claims
Commenting on the occasion, Mr. Amitabh Verma, Chief Operating Officer, Birla Sun Life Insurance said “Customer has always been at the centre of our strategy and all our product and service offerings are designed keeping customer need and convenience in mind. Protection is the key reason for a consumer to invest their hard earned savings with us making claim settlement an important yardstick to measure an insurance company's performance”.
He added “We have always worked towards providing customers an easy and hassle free claim experience and have been able to build an efficient end-to-end claim settlement process. Our end-to-end claim settlement time is one of the best in the Industry. We are glad that our quick turnaround and efficient decision making system on claims is being recognized by the market.”
Towards ensuring a customer-centric claims process, BSLI has set-up a centralized ‘Claim Settlement Cell’ enabling uniform approach towards customer service, and decision-making. The company has also invested in training and development programms for BSLI empanelled Third Party Agencies to facilitate door-to-door fulfillment and submission of claim requirements at claimant’s doorstep across the country.
About Birla Sun Life Insurance
Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a well known Indian conglomerates and Sun Life Financial Inc, leading international financial services organization from Canada. With an experience of over 9 years, BSLI has contributed significantly to the growth and development of the Indian Life Insurance industry and currently is on of the leading life insurance companies in the country. Enjoying trust of its over 2 Million customers, BSLI is known for innovation. BSLI offers a complete range of pension, health and life insurance products and has an extensive reach in over 1500 markets through its network of 600 branches and 1,70,603 empanelled advisors. This is well supported by the sound financial that the Company has. The AUM of Birla Sun Life Insurance reached the Rs. 15,000 crs and it has a robust capital base of over Rs. 2374.5 crs as on Feb 28, 2010.For more information, please visit www.birlasunlife.com
About Aditya Birla Financial Services Group (ABFSG)
The Aditya Birla Financial Services Group (ABFSG) has a significance presence across various verticals, including life insurance, insurance broking, mutual funds, private equity, security based lending, factoring, insurance advisory services, retail broking and distribution of third party products.
The seven companies representing Aditya Birla Financial Services Group are Birla Sun Life Insurance Company Ltd., Birla Sun Life Asset Management Company Ltd., Aditya Birla Capital Advisors Ltd., Aditya Birla Money Ltd. (erstwhile Apollo Sindhoori Capital Investments Ltd.), Aditya Birla Money Mart Ltd.(erstwhile Birla Sun Life Distribution Co. Ltd.), Aditya Birla Finance Ltd. (erstwhile Birla Global Finance Co. Ltd.) and Birla Insurance Advisory & Broking Services Ltd.
The ABFSG is committed to being a leader and role model in a broad based and integrated financial services business. Its 7 lines of business, with over 4.5 million customers manages assets worth USD 18 billion approximately and prides itself for having a talent pool of over 15,000 committed employees. ABFSG has its wings spread across more than 500 cities in India through 1600 branches and over 200,000 channel partners. This allows ABFSG to offer its customers virtually anything other than a savings or current account. With over a billion dollar revenue, ABFSG is a significant non bank player and one of the few players who have a top 5 position in both life insurance and mutual funds.
ABFSG is a part of Aditya Birla Nuvo Litd (ABNL), a USD 3 billion conglomerate having leadership position across its manufacturing as well as services sector businesses. ABNL is a part of the Aditya Birla Group, a USD 29 billion Indian business house operating in 25 countries across the globe.
About Sun Life Financial Inc.
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of March 31, 2009, the Sun Life Financial group of companies had total assets under management of $375 billion. For more information please visit www.sunlife.com.
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