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| Birla Sun Life Insurance achieves the landmark of processing 100% claims received | |||
| 9 Apr 2009
, Mumbai
: Birla Sun Life Insurance, one of India’s leading life insurance companies, has set a new benchmark amongst insurance players, by achieving the landmark of processing 100 % of its claims. Commenting about the achievement, Mr. Amitabh Verma, Chief Operations Officer, Birla Sun Life Insurance said, “It gives us great pleasure to achieve the unique distinction of achieving an unbelievable Claims Outstanding ratio of 0.00% i.e. 100% of all claims intimated in this fiscal stand processed. It is evident that we are continually setting benchmarks in the marketplace and are well on course of realizing our vision to become India’s most admired Life Insurance Company.” The company’s Claims Outstanding ratio has been continuously reducing year-on-year and has been one of the best in the industry. A reduction from 0.32% in 2007-08 to 0.00% in 2008-09, is a living example of the strong system & processes the Company has set in and demonstrates Birla Sun Life Insurance’s customer outcome oriented approach. Additionally, a recent survey (2008) conducted by 'Life Office Management Association' (LOMA) of Life Insurance Companies across ASIA (wherein Birla Sun Life Insurance too had participated) reveal that Birla Sun Life Insurance have had the best Turn Around Times (TAT's) on all Claims Parameters amongst all the participants. Mr. Verma further added “Claims is one of the most important yardsticks by which a Company's performance is measured. With the above achievements, we believe that we continue to build the faith amongst the public & the insured population, of being the preferred insurance provider and reinforce our 'Customer First' approach - even when it comes to critical issue of 'claims processing.” Birla Sun Life Insurance, which has till date sold over 2 million policies, has positioned itself on the quality platform. The company has developed a strong model based on defined core values of Integrity, Commitment, Passion, Seamlessness, and Speed. Its strategy is to establish itself as a trusted life insurance specialist on the basis of quality of advice. The company has over 1, 68,090 advisors, who are widely considered among the best in the business. About Birla Sun Life Insurance Birla Sun Life Insurance (BSLI) has been operating for over 9 years. It has contributed significantly to the growth and development of the life insurance industry in India. It pioneered the launch of Unit Linked Life Insurance plans amongst the private players in India. BSLI has covered more than 2 million lives since it commenced operations. And its customer base is spread across more than 1500 towns and cities in India. The company has a capital base of Rs. 2,000 crs as on March 31, 2009. The current AUM of Birla Sun Life Insurance stands at Rs. 8165 crs as on February 28, 2009. Additional information is available at www.birlasunlife.com About Aditya Birla Group The Aditya Birla Group enjoys a leadership position in all the sectors in which it operates. It is anchored by a force of 100,000 employees, belonging to 25 nationalities. Its operations span 25 countries across six continents and are reckoned as India's first multinational corporation. Headquartered in Mumbai, India, over 60 per cent of the Group's revenues flow from our overseas operations. The Group nurtures a work culture where success is built on learning and innovation. The Aditya Birla Group has been adjudged "The Best Employer in India and among the top 20 in Asia" by the Hewitt, Economic Times and Wall Street Journal Study 2007. Aditya Birla Group has a strong presence across various financial services verticals that include life insurance, fund management, distribution & wealth management, security based lending, insurance broking, private equity and retail broking. The seven companies representing ABFSG are Birla Sun Life Insurance Company, Birla Sun Life Asset Management Company, Birla Sun Life Distribution Company, Birla Global Finance Company, Birla Insurance Advisory & Broking Services, Aditya Birla Capital Advisors and Apollo Sindhoori Capital Investment. The consolidated revenues from these businesses crossed the USD 1 billion mark in 2007- 08. The group collectively enjoys the trust of over 4 million customers, and prides itself for having a talent pool of over 15,000 committed employees. The Vision of ABFSG is to be leaders and role models in a broad based and integrated business. The company aims to be a total solutions provider to all the financial needs of its target customers. This gets truly reflected in the way the Group is structured and operates - ‘one virtual brand – many real businesses’ – capitalising on the immense synergies across its businesses. Additional information is available at www.adityabirla.com About Sun Life Financial Inc. Sun Life Financial Inc. is a leading international financial services organization providing a diverse range of wealth accumulation and protection products and services to individuals and corporate customers. Tracing its roots back to 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. Overall, Sun Life has a high quality, diversified investment portfolio with over $100 billion in invested assets as of June 30, 2008. Sun Life’s $60billion bond portfolio is highly diversified across 1400 different borrowers around the world and is rated 97% investment grade. Globally, Sun Life is in a solid financial position, and maintains financial strength ratings which are amongst the highest of all insurers in North America. Sun Life has a strong balance sheet and is well capitalized beyond minimum requirements. The Company’s balanced business model is an important pillar of its overall risk management framework. SLF prides itself on its prudent investment style and strong risk management controls. Additional information can be found at www.sunlife.com |
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