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BW Businessworld

HDFC Life: From Strength To Strength

‘By leveraging technology, we have been able to offer our customers convenience along with a superior experience’

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As a part of one of the most stable groups in the country, HDFC Life is earning its stripes on its own in BW’s Most Respected Companies rankings. HDFC Standard Life goes back to 2000, when it started as a joint venture with HDFC and Standard Life Aberdeen. Since then there has been no looking back.

The life insurance firm has insured 21.6 million lives in individual and group segments, and has one of the highest margins in the business, that of 24.3 per cent in H1FY19. It’s one of the most consistent life insurance firms delivering robust returns on operating EV of 20 per cent for the last three financial years. As on September 30, 2018, the company has Rs 1,131.3 billion of assets under management, ranking high in the industry coming in at the number three spot.

HDFC Standard Life has been growing profitably by leveraging emerging profit pools thereby achieving the fine balance between sales growth and profitability. HDFC Standard Life has a market share of 13.0 per cent based on individual WRP and 28.0 per cent based on group business (on received premium) during H1 FY19.

HDFC Life has pioneered some innovating products that cater to individual customer requirements. HDFC Life constantly endeavours to develop new products on the philosophy of need-based product development.

The company has 35 individual and 11 group products in its portfolio, along with 8 optional rider benefits, catering to a diverse range of customer segments. Some of the innovative products include — term insurance coverage for loans (Group Credit Protect), a comprehensive online protection product covering disease, disability and death (Click2Protect 3D Plus), a ULIP with minimal charges — the only cost applicable is that of protection and fund management (Click2Invest), a tiered-benefit critical illness product, with early stage coverage (Cancer Care), a deferred annuity plan with assured annuity rates for the future (Pension Guaranteed Plan), amongst others.

Says Vibha Padalkar, Managing Director & CEO, HDFC Life: “Innovation in products and technology has been the differentiator for us. By leveraging technology, we have been able to offer our customers convenience along with a superior experience in terms of on-boarding and servicing. Our focus on partnerships has enabled us to create a strong presence across traditional and non-traditional channels of distribution.”

HDFC life has distribution touch points through several new tie-ups and partnerships comprising 170 bancassurance partners including non-banking financial companies (NBFC), microfinance institutions (MFI), small finance banks (SFB), etc. and 31 partnerships within non-traditional ecosystems. HDFC Life has a strong base of over 91,000 financial consultants (agents), as on Sep 30, 2018.

On the technology front, HDFC Life uses video enabled confirmation of customer understanding of the product being purchased and has an automated suitability matrix to mitigate mis-selling. It provides consumers with pre-approved sum assured on partner websites and mobile apps.

HDFC International Life and Re Company, is a Dubai-based subsidiary which continues to work with reputable cedants. Its revenue lines consist of reinsurance of individual life products and group life and credit schemes from GCC and MENA-based ceding insurers. HDFC International recorded its second consecutive profitable quarter in Q2 FY19.

For some years in a row, HDFC Life was adjudged one of India’s best companies to work for in the India’s Best Companies to Work report. This report was based on a study conducted by The Economic Times and Great Places to Work Institute. It has also been selected as one of the 100 Best Companies for Women in India in 2017 and 2018.

Surely, sky is no limit for this pioneering insurance firm.