Aditya Birla Sun Life Insurance Company Limited
The renowned Aditya Birla Sun Life Insurance Company Limited (ABSLI) was founded in 2000, and it is part of Aditya Birla Capital Limited (ABCL). It is a joint alliance between Aditya Birla Group and Sun Life Financial Inc., an international financial services organisation in Canada. With a strong commitment to serving customers throughout their life, ABSLI presents a diverse range of products catering to their various needs and aspirations. These include children's future plans, wealth protection plans, retirement and pension solutions, health plans, traditional term plans, and Unit Linked Insurance Plans (ULIPs).
When people choose ABSLI, they entrust their dreams to a reliable partner. Whether it is purchasing a dream home, investing hard-earned money in mutual funds, securing funds for their child's education or retirement, or simply seeking expansion through a business loan, customers place immense trust in ABSLI. So, it aims to establish itself as the preferred financial services brand across all the stages of the customers' lives.
Aditya Birla Capital strives to be a brand that not only earns the trust of its customers but also receives their enthusiastic endorsement. To cater to the needs of customers effectively, they have devised a unique strategy and structure that consolidates their spectrum of businesses and offerings under a single virtual brand. This approach ensures simplicity and convenience from the customers’ standpoint, enabling them to access a comprehensive suite of financial solutions seamlessly.
In the financial year, 2022-23, ABSLI has issued 2,43,809 policies and received over 3,70,773 claims.
Awards & Recognitions
ABSLI has been recognized with several prestigious accolades and awards -
The ‘Most Effective Recruitment and Retention Strategy’ award conferred by the Employee Engagement Leadership Summit 2019 for their dedication to attracting and retaining top talent.
The ‘Domestic Life Insurer of the Year’ award, honoured by the Insurance Asia Awards for ABSLI’s outstanding performance and contributions to the insurance industry.
The ‘Customer Value Leadership - Service Sector’ award bestowed by the Project Evaluation and Recognition Program (PERP) for their commitment to deliver exceptional customer value and satisfaction.
‘Best Fraud Intelligence Company of the Year’ award honoured by Insurance India Summit and Awards 2018 recognising their efforts in combating fraud.
Their commitment to maintaining a strong corporate image was acknowledged with the ‘Certificate of Excellence in the Corporate Image Category’ at The SABRE Awards.
ABSLI's dedication to providing exceptional customer service was recognised with the ‘Best Customer Service Initiative’ award at the Kamikaze Customer Experience and Loyalty Awards.
Claim Settlement Ratio
The Claim Settlement Ratio (CSR) is a crucial indicator of an insurance company's proficiency in settling claims.
In the fiscal year 2021-22, ABSLI achieved a Claim Settlement Ratio of 98.07%. This means they have successfully paid out a significant number of claims they received. Furthermore, their Claim Amount Settlement Ratio was 96.15% during the same year. This percentage shows the portion of the claim amount received that they have paid.
By examining the claim settlement ratio of an insurance company, you can assess its promptness and capability to meet the claims effectively. It is also essential to review the insurer's CSR over the past few years to ensure consistency in their performance. A company with a track record of maintaining high CSR is regarded as more credible and dependable.
The solvency ratio plays a vital role in assessing the financial strength and stability of an insurance company. As per the guidelines set by the Insurance Regulatory and Development Authority of India (IRDAI), insurers are required to maintain a minimum solvency ratio of 150%, ensuring adequate financial resources to honour their commitments.
As of 31st March 2023, ABSLI boasts a robust solvency ratio of 173%. This signifies the company's strong financial position, which is way above the minimum requirement. They are financially capable to fulfil claim payments and other responsibilities seamlessly.
If you need assistance with your insurance policies or have any questions, ABSLI's customer support team is just a phone call away. Simply dial their toll-free number, 1800-270-7000, and they will assist you with all your queries.
You can reach out to ABSLI by sending an email to email@example.com for any queries, concerns, etc.
For inquiries, issues, etc. ABSLI provides alternative contact options to connect with them as well -