Star Union Dai-ichi Life registers 23% growth in retail biz in FY14

India Infoline News Service | Mumbai |

SUD Life's claim settlement ratio also remained at 96.8% which is among the highest reported during 2013-14

Star Union Dai-Ichi Life Insurance company (SUD Life) - a joint venture between India's two leading public sector Banks and Dai-ichi Life of Japan has reported a 23.3% growth in its retail Business on Annualised Basis which is a standard norm of measuring Insurance performance. The company has recorded INR 339 crores of Annualised Premium in 2013-14 compared to INR 275 crores in 2012-13.
This places SUD Life among very few Indian Life Insurers which have seen 20%+ growth in their Retail business despite of slowdown in Life Insurance Industry with retail business showing a negative growth of 3.4%. Renewal premium income of the company also grew by 18.2% during the year.
Girish Kulkarni, Managing Director & CEO of SUD Life said, "It was a year full of challenges. We are happy that SUD Life team could deliver growth during such tough times. This was possible due to our focus on basics and galvanising our efforts to increase branch productivity on core attributes of long term savings and protection. We also intend to strengthen our multi-channel aspiration further by taking our Agency network to 10000 in FY 2014-15".
SUD Life also added one more feather to its cap. In the recently concluded India Insurance Awards 2014 organized by Fintelekt, SUD Life bagged the Bancassurance Leader of the Year award for its performance in bancassurance.
SUD Life's claim settlement ratio also remained at 96.8% which is among the highest reported during 2013-14. The claim repudiation also stands at a low of 2.8% for the year.
"Market conduct parameters are extremely important for us while creating scale and visibility. We remain sensitive to customer aspirations and respond in the fair and best possible manner. Our products in the new product regime are also aligned with this philosophy and are simple and relevant to life cycle needs of the middle class consumer" added Mr. Kulkarni.
Currently SUD Life has a product portfolio of 8 Individual and 4 Group Insurance products. It intends to stabilise its multichannel model in the current fiscal. It has 6000+ agents spread across 60+ locations and has produced about 20 crores in its first full-scale pan-India operation. ''Our aim is to improve on all parameters to ensure that we create a sustainable and profitable franchise. While we continue to grow, we are also ensuring that we remain cost effective and keep our operational expenses at the desirable level. Despite of all growth and new channel initiatives our focus on cost containment remains intact" said Mr Kulkarni.


 

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