Shriram Life Insurance MD & CEO Casparus J.H. Kromhout unveiling the brand new Shriram Smart Suraksha Card.
| Photo Credit: N. Anand
Shriram Life Insurance Co. Ltd. (SLIC) has unveiled a ‘Mission FY25’ plan that goals to ramp up rural penetration and double enterprise via digital initiatives.
“To achieve our goal, we have a well-strategised digital process and platform in place,” MD & CEO Casparus J.H. Kromhout mentioned in an interplay.
According to the plan, SLIC goals to improve rural penetration from 44% to 60%, digital funds from 48% to 70%, to contact ₹1,000 crore (₹525 crore) in income from particular person enterprise insurance policies, and settle 98% non-investigative claims inside six hours from the present 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,” mentioned MD Ok.R.C. Sekhar.
On Thursday, SLIC unveiled Shriram Smart Suraksha Card that offers on the spot entry to clients’ digital coverage bond. Through the QR code, clients can choose to pay renewal premiums in just a few faucets, the corporate mentioned.
“Currently, the card will be issued to new policy holders. It will have the picture of the policyholder as well as the sponsorer,” mentioned Mr. Kromhout.
During FY23, SLIC offered 2.3 lakh insurance policies, a rise of 13% over the year-earlier interval. It has 9 lakh whole insurance policies in drive.
As of December, SLIC’s property underneath administration stood at ₹8,573 crore. It reported a internet revenue of ₹106 crore in FY21 and ₹3 crore in FY22 and eyes ₹150 crore for FY23.
