With a focus on strengthening its distribution capabilities, Edelweiss Life Insurance is aggressively pursuing strategic partnerships to expand its footprint nationwide and enhance customer accessibility, said Chief Distribution Officer Anup Seth. The company has a higher focus on entities that can offer expertise in specific geographies or niche customer segments.
“We are looking at deepening our presence by partnering with entities that specialize in niche segments or hold geographic expertise. In our experience, such partners bring insights that allow us to craft more personalized, need-based offerings for our customers, giving us a distinct competitive advantage,” Seth said.
In the recent past, the life insurer has inked 2 bancassurance partnerships with ESAF Small Finance Bank and Capital Small Finance Bank, both of which boast a geographic stronghold in Kerala and Punjab respectively. In FY24, the company’s Bancassurance channel accounted for 21% of the business.
“We have a healthy and balanced distribution mix currently. While there is a focus on expanding our partnerships, we are equally focused on improving productivity across our existing ones. A blend of innovative product offerings and service excellence – from onboarding to post-sales service – has been critical to set us on an upward trajectory. We are committed to providing service excellence to all our partners to enable seamless customer experience,” Seth added.
In FY24, the company reported its highest-ever claim settlement ratio of 99.23%, a 13th month persistency ratio of 78%, and a Net Promoter Score of 56.
About Edelweiss Life Insurance:
Edelweiss Life Insurance (formerly Edelweiss Tokio Life Insurance) established nationwide operations in July 2011 with an immovable focus on protecting people’s dreams and aspirations. The company has been focussed on bringing innovation, simplicity, and a new-age approach to life insurance, aligned with the expectations of the customer today. It has been offering need-based and innovative life insurance solutions to help customers live their #zindagiunlimited. With a customer-centric approach, the company has been operating as a multi-channel distribution business to effectively serve its customers across the country. As of March 2024, the company has 109 branches in 88 major cities.
Awards:
The company has earned recognition from several reputed industry forums over the years. Here are some noteworthy awards:
- Recognized as Great Place to Work for 4 consecutive years
- Employee Excellence Award 2023 by The Economic Times
- Golden Peacock Award 2023 for Risk Management
- Most Trusted BFSI Brands in 2023-2024 by the Marksmen Network
- GUINNESS WORLD RECORDS title for collecting the highest number of pledges for organ donation in a single day
- Won a total of 7 awards for the Organ Donation initiative, noteworthy among them were by Exchange4Media, Pitch BFSI Marketing Awards and Indian CSR Awards
