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Birla Sun Life Insurance achieves 0.32% as its “Outstanding Claims Ratios”.
Amongst the best in the industry!
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Mumbai, July 23, 2008 – In a competitive life insurance industry, an area where a company needs to excel is in the management of claims.
The
competence level of a life insurance company to develop its claim
management processes and the modus operandi for such settlements is a
key factor, which will differentiate the company from others. It is
very important to have an effective claims settlement process in a life
insurance company and the need for maintaining healthy claims
settlement practices.
In
keeping with the BSLI core values of Commitment and Speed, Birla Sun
Life Insurance is among the top life insurance companies with regard to
the Outstanding Claims Ratio, for the past five consecutive years.
Infact, during the mentioned period, we have risen above our own
performance standards and closed FY 2007-08 with an outstanding claims
ratio of 0.32% [0.41% in 2006-07, 1.72% in 2005-06, 2.52% in 2004-05,
and 3.14 % in 2003-04]. This effectively means that of every 100 claims
intimated to BSLI in FY 2007-08, 99.68 claims stand cleared. However,
it is also noted that the outstanding claims in each year could not be
processed due to non-receipt of basic claim requirements / litigation
claims.
“Claims’
is a yardstick to measure a life insurance company's performance. As a
customer centric organization we have brought in place, is one of the
best claims settlement process with standards recognized
internationally. We believe BSLI continues to reinforce the faith
amongst the policyholders. BSLI has achieved speedy settlement of
claims with average Turn Around Time (TAT) of less than five days from
the date of receipt of all required documentation, as its TAT is
probably amongst the best in the industry. Our ‘Outstanding Claims
Ratio’ FY2007-08 is 0.32%, exhibits our level of commitment.” Vikram Mehmi – President & Chief Executive Officer.
Fair play and corporate ethics, are synonymous with the values we give
paramount importance at Birla Sun Life Insurance
LOMA (Life Office Management Asia) is a leading international association for the insurance and financial service industry. This association conducts the Time Service Standard Survey,
which is designed to benchmark companies against the life insurance
industry best practices in Asia. BSLI has been a dedicated participant
in LOMA Asia Survey every year, and continues to extend its full
support.
With respect to
performance of the claims function in the LOMA Survey, BSLI has been
among the best in early claim settlement across “Asia” and best in
non-early claim settlement across “India” (slightly lower than the Asia
Avg.), for two consecutive years (2006 & 2007). Service is a key
differentiator, which enables a company to have an edge over its
competitors. BSLI continues to participate in such survey’s to
benchmark itself amongst best in the Industry.
Keeping in mind the above achievements, we believe BSLI continues to
reinforce the faith amongst the public & the insured population, to
be one among the preferred insurance service providers and its
'Customer first' approach remains intact - even when it comes to
critical issue of 'Claims processing'.
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| About Birla Sun Life Insurance |
Birla
Sun Life Insurance Company Limited is a joint venture between The
Aditya Birla Group, one of the largest business houses in India and Sun
Life Financial Inc., a leading international financial services
organization. The local knowledge of the Aditya Birla Group combined
with the expertise of Sun Life Financial Inc., offers a formidable
protection for your future.
Birla Sun Life Insurance (BSLI)
has completed 7 successful years of operations & 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. It was the first
player in the industry to sell its policies through the Bancassurance
route and through the Internet. It was the first private sector player
to introduce a pure Term plan in the Indian market. This was supported
by sales practices, which brought a degree of transparency that was
entirely new to the market. The process of getting sales illustrations
signed by customers, offering a free look period on all policies, which
are now industry standards were introduced by BSLI. Being a customer
centric company, BSLI has invested heavily in technology to build world
class processing capabilities. BSLI has covered more than 2 million
lives since inception and its customer base is spread across more than
1500 towns and cities in India. All this has assisted the company in
cementing its place amongst the leaders in the industry in terms of new
business premium income. The company has a capital base of Rs. 1274.5
crore, as on March 31, 2008.
Additional information is available at www.birlasunlife.com |
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| About Aditya Birla Group |
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The
Aditya Birla Group is a US $28 billion conglomerate with a market
capitalization of US $31.5 billion (as on March 31, 2008) and is one of
the largest business houses in India. It enjoys a leadership position
in all the sectors in which it operates. It is anchored by a force of
100,000 employees, belonging to 25 nationalities. Its operations span
20 countries across six continents and is reckoned as India's first
multinational corporation. Headquartered in Mumbai, India, over 50 per
cent of the Group’s revenues flow from its overseas operations. The
Group nurtures a work culture where success is built on learning and
innovation.
The Aditya Birla Group was recently been adjudged “The Best Employer in
India and among the top 20 in Asia” by the Hewitt, Economic Times and
Wall Street Journal Study 2007.
Additional information is available at www.adityabirla.com |
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| About Sun Life Financial Inc. |
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Sun
Life Financial Inc. is a leading international financial services
organization providing a diverse range of wealth accumulation and
protection products and services to individuals and corporate
customers. Tracing its roots back to 1865, Sun Life Financial and its
partners today have operations in key markets worldwide, including
Canada, the United States, the United Kingdom, Hong Kong, the
Philippines, Japan, Indonesia, India, China and Bermuda. As of March
31st, 2008, the Sun Life Financial group of companies had total assets
under management of US$ 404.7 billion. Sun Life Financial Inc. trades
on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock
exchanges under ticker symbol "SLF".
Additional information can be found at www.sunlife.com |
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For further information kindly contact:
Ms. Anjana Grewal,
Sr. Vice President - Marketing & Communication,
Birla Sun Life Insurance Company Limited, Ph: 022-6678 3333.
E-mail: anjana@birlasunlife.com
Prp no. PRS/07/08-09/1953 |
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