Saturday, May 18, 2024

Shriram Life plans to ramp up rural reach by FY25

Shriram Life Insurance MD & CEO Casparus J.H. Kromhout unveiling the new Shriram Smart Suraksha Card.

Shriram Life Insurance MD & CEO Casparus J.H. Kromhout unveiling the new Shriram Smart Suraksha Card.
| Photo Credit: N. Anand

Shriram Life Insurance Co. Ltd. (SLIC) has unveiled a ‘Mission FY25’ plan that aims to ramp up rural penetration and double business through digital initiatives.

“To achieve our goal, we have a well-strategised digital process and platform in place,” MD & CEO Casparus J.H. Kromhout said in an interaction.

According to the plan, SLIC aims to increase rural penetration from 44% to 60%, digital payments from 48% to 70%, to touch ₹1,000 crore (₹525 crore) in revenue from individual business policies, and settle 98% non-investigative claims within six hours from the existing 12 hours for 91% claims.

“We are moving towards 100% paperless in onboarding new customers through Astra Mobile app from 80%. The onboarding turnaround time for new customers will be reduced to four minutes,” said MD K.R.C. Sekhar.

On Thursday, SLIC unveiled Shriram Smart Suraksha Card that gives instant access to customers’ digital policy bond. Through the QR code, customers can opt to pay renewal premiums in a few taps, the company said.

“Currently, the card will be issued to new policy holders. It will have the picture of the policyholder as well as the sponsorer,” said Mr. Kromhout.

During FY23, SLIC sold 2.3 lakh policies, an increase of 13% over the year-earlier period. It has 9 lakh total policies in force.

As of December, SLIC’s assets under management stood at ₹8,573 crore. It reported a net profit of ₹106 crore in FY21 and ₹3 crore in FY22 and eyes ₹150 crore for FY23.

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