Shriram Life Insurance Company (SLIC) announced on Thursday that it plans to double its rural presence by 2025 by leveraging digital processes and platforms.
By 2025, the company hopes to be completely paperless, to reduce the time it takes to onboard new clients to four minutes and to settle claims in six hours.
Shriram Life Insurance provides agents and customers with access to its life insurance products and services through a variety of digital channels. Astra is one of the most popular client onboarding platforms among agents. During the first nine months of FY23, the company gained 80 per cent of new retail customers via the Astra app.
Shriram Life Insurance, a joint venture between South Africa's Sanlam Group and India's Shriram Group, has received IRDAI approval for EKYC via all modes, including facial recognition. Currently, 48 per cent of all payments are made digitally by the company.
“Our digital initiatives are focused on our mission of providing life insurance to the segments of society that need it the most, particularly rural and mass market segments. We can reach and serve our customers more efficiently thanks to technology and innovation. It expands our relationship and engagement with our customers,” said Casparus J H Kromhout, managing director and chief executive officer of Shriram Life Insurance.
The Shriram Smart Suraksha Card (Suraksha Apni Jeb Main) is the company's most recent attempt to integrate its rural digital enablement program with its flagship service excellence program, We Care. The Smart Suraksha Card, which was unveiled on Thursday, provides customers with instant access to their digital policy bond. Customers can pay renewal premiums with a few taps using QR codes.
The company, which has 423 branches in 23 states, provides coverage with an average ticket size of around Rs 19,000. According to data from the third quarter of the fiscal year, Shriram Life's chatbot ShriA and its WhatsApp platform had nearly 2.3 lakh users and 3.44 lakh customers.