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Birla Sun Life Insurance

Birla Sun Life Insurance

Overview

Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a well known Indian conglomerate and Sun Life Financial Inc, one of the leading international financial services organizations from Canada. With an experience of over a decade, BSLI has contributed to the growth and development of the Indian life insurance industry and currently is one of the leading life insurance companies in the country.

Company Profile

Established in 2000, Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a well known and trusted name globally amongst Indian conglomerates and Sun Life Financial Inc, leading international financial services organization from Canada. The local knowledge of the Aditya Birla Group combined with the domain expertise of Sun Life Financial Inc., offers a formidable protection for its customers' future.

With an experience of over 10 years, BSLI has contributed significantly to the growth and development of the life insurance industry in India and currently ranks amongst the top 6 private life insurance companies in the country.

Known for its innovation and creating industry benchmarks, BSLI has several firsts to its credit.It was the first Indian Insurance Company to introduce "Free Look Period" and the same was made mandatory by IRDA for all other life insurance companies. Additionally, BSLI pioneered the launch of Unit Linked Life Insurance plans amongst the private players in India. To establish credibility and further transparency, BSLI also enjoys the prestige to be the originator of practice to disclose portfolio on monthly basis. These category development initiatives have helped BSLI be closer to its policy holders expectations, which gets further accentuated by the complete bouquet of insurance products (viz. pure term plan, life stage products, health plan and retirement plan) that the company offers.

Add to this, the extensive reach through its network of 600 branches and 133,572 empanelled advisors. This impressive combination of domain expertise, product range, reach and ears on ground, helped BSLI cover more than 2.5 million lives since it commenced operations and establish a customer base spread across more than 1500 towns and cities in India. To ensure that our customers have an impeccable experience, BSLI has ensured that it has lowest outstanding claims ratio of 0.00% for FY 2011-12. Additionally, BSLI has the best Turn Around Time according to LOMA on all claims Parameters. Such services are well supported by sound financials that the Company has. The AUM of BSLI stood at 21062 crs as on March 31, 2012, while the company has a robust capital base of Rs. 2450 crs.

Vision

To be a leader and role model in a broad based and integrated financial services business.

Values

  • Integrity
  • Commitment
  • Passion
  • Seamlessness
  • Speed

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 conglomerate and Sun Life Financial Inc., one of the leading international financial services organizations from Canada. With an experience of over a decade, BSLI has contributed to the growth and development of the Indian life insurance industry and currently is one of the leading life insurance companies in the country. BSLI offers a complete range of offerings comprising of protection solutions, children's future solutions, wealth with protection, health and wellness as well as retirement solutions and has an extensive distribution reach over 500 cities through its network of around 600 branches, over 109,996 empanelled advisors and over 200 partnerships with Corporate Agents, Brokers and Banks. The AUM of Birla Sun Life Insurance is close to Rs. 23,197 Crores and it has a robust capital base of over Rs. 2450 Crores as on November 30, 2012. For more information, please visit www.birlasunlife.com

About Aditya Birla Group

A US $35 billion corporation, the Aditya Birla Group is in the league of Fortune 500. It is anchored by an extraordinary force of 133,000 employees, belonging to 42 different nationalities. The group operates in 36 countries across six continents – truly India's first multinational corporation.

About Aditya Birla Financial Services Group (ABFSG)

Aditya Birla Financial Services Group (ABFSG) ranks among the top 5 fund managers in India (excluding banks and LIC) with an AUM of ~USD 17.5 billion. Having a strong presence across the life insurance, asset management, NBFC, private equity, retail broking, distribution & wealth management and general insurance broking businesses, ABFSG is committed to serve the end-to-end financial services needs of its retail and corporate customers. The seven companies representing ABFSG are Birla Sun Life Insurance Company Ltd., Birla Sun Life Asset Management Company Ltd., Aditya Birla Finance Ltd., Aditya Birla Capital Advisors Pvt. Ltd., Aditya Birla Money Ltd., Aditya Birla Money Mart Ltd, and Aditya Birla Insurance Brokers Ltd. In FY 2011-12, ABFSG reported consolidated revenue from these businesses at Rs. 6550 Crores (USD 1.3 billion) and earnings before tax at Rs. 600 Crores. Anchored by about 17,000 employees and trusted by about 5.5 million customers, ABFSG has a nationwide reach through more than 1,775 points of presence and about 200,000 agents / channel partners.

About Sun Life Financial

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, Vietnam and Bermuda. As of September 30, 2012, the Sun Life Financial group of companies had total AUM of $515 billion. For more information please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

Business Continuity Plan

Birla Sun Life Insurance is a BS 25999 certified organization and is one of the few Indian companies to have a fully operational Business Continuity Plan (BCP). Our is a response plan, which would kickstart in the event of a disaster. We would be able to restore and recover operations for critical processes within a predetermined time after the disaster. The plan would ensure minimal impact to the organization, its people, and most importantly, its customers.

BSLI's Business Continuity Management Policy

The objective is to have a planned response in the event of any contingency ensuring recovery of critical activities within agreed timeframes. The plans would comply with various regulatory requirements and minimize the potential business impact to BSLI. Additionally it helps to create a system that fosters continuous improvement of business continuity management.

Programme Overview

As part of our Business Continuity Plan, we have a documented crisis response and recovery procedure for quick response to stabilise the situation, and a business continuity procedure to ensure recovery of critical activities.

Highlights of our Plan Document:

  • Crisis Management & incident response
  • Data back-up, data and system recovery as documented in the Disaster recovery plan
  • Recovery of all critical business functions and supporting systems
  • Alternate recovery sites if primary location is unavailable
  • Communication with customers, employees and other stakeholders
  • Assurance to customers that they will continue to receive optimum customer services at all times

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