HDFC Life Insurance: Customer Comes First
Driven by its strong customer-centric approach, the company remains steadfastly committed to long-term growth and value creation for all its stakeholders. Its value framework EPICC (excellence, people engagement, integrity, customer-centricity, and collaboration) characterises the inspiring culture, which fosters growth and progress for the company and all its stakeholders, for today and tomorrow.
HDFC Life Insurance is a joint venture between HDFC, India’s leading housing finance institution, and Standard Life Aberdeen, a global investment company.
All-round Show
In FY22, the company sold 9.15 lakh policies and insured 54 million lives. It recorded a profit after tax of Rs 1,208 crore, the value of new business stood at Rs 2,675 crore with new business margins at 27.4 per cent. At the core of the company’s growth strategy is its ‘customer first’ approach, which enabled it to consolidate its industry position amid the challenging environment of FY22. Driven by its strong digital edge, this approach is centred on solving customers’ needs, while building technology resilience for the organisation. For FY22, the company had 99.6 per cent overall claim settlement ratio.
Astutely led from the front by its chief executive and managing director Vibha Padalkar under the guidance of an experienced Board of Directors, HDFC Life has been a consistent performer in BW Businessworld's special issues including MRC and Most Valuable CEOs. Under Padalkar, HDFC Life has emerged stronger on parameters like effective growth plan, financial return, women friendly policies, CSR and the overall work culture. In FY22, the company saw a 16 per cent growth in individual WRP (weighted received premium) over the previous fiscal year along with 18 per cent growth in renewal premium. The 13th month persistency, including single premium, increased to 92 per cent.
The company’s private market share on new business premium was 21 per cent and its AUM increased 17 per cent to Rs 2,041.7 billion, said Padalkar, who has been associated with the company since August 2008.
