Exide Life Insurance

Exide Life Insurance
Formerly
 ING Vysya Life Insurance Company
Private company
Industry Life Insurance Services
Founded 2001
Headquarters Bangalore India
Area served
 India
Key people
 Kshitij Jain (MD and CEO)
Rangarajan BN (Appointed Actuary and CRO)
B. Ashwin (COO)
C. Anil Kumar (CFO) [1]
Products Life Insurance
Parent Exide Industries Limited
Website exidelife.in

Exide Life Insurance Company Limited, is a 100% Indian owned life insurance company, owned by the Exide Industries. Exide Life Insurance distributes its products through multi-channels viz. Agency, Banc assurance, Corporate Agency & Broking as well as Direct Channels. The Agency channel consists of 50,000 advisors who are attached to over 200 company offices across the country. The company also offers [2] The company has over 15 lakh customers and manages over INR 11,015 crores in assets.[3] It has been operating since 2001 and is headquartered at Bangalore. It deals with the life insurance products, providing long-term protection and savings option.[4] It was featured to be among the top ten most trusted insurance brands in India as per the Economic Times, Brand Equity survey 2014.[5]

History

Initial years

In 2000, ING Insurance, a sub-holding company of Dutch financial major ING Group, tied up with Bangalore-based Vysysa Bank to enter the Indian life insurance market thus forming the ING Vysya Life Insurance company.[6] In the same year, ING Vysya Bank, ING Insurance, and the Damani Group formed a life insurance joint venture, this innovative collaboration marks the first bancassurance venture in India.

Exide industries acquired 50% stakes of ING Vysya Life Insurance in 2005.[7]

In 2008 owing to the financial crisis ING had to enter into a bailout agreement, thus starting a global restructuring strategy, and decided to exit the insurance business in India.[8] Prior to India, ING exited its insurance ventures in Malaysia, Thailand and Hong Kong as well.[9]

Exide Life Insurance

After ING exited from India in Jan 2013, Exide Industries acquired the remaining 50% of the equity capital of ING Vysya Life Insurance, thus becoming 100% stake holder.[10] In May 2014, following the approvals from Insurance Regulatory and Development Authority (IRDA) and the Ministry of Corporate Affairs,the name of ING Vysya Life Insurance Company Limited was changed to Exide Life Insurance Company Limited (Exide Life Insurance) with immediate effect.[11]

Management team and key people

As of 29 June 2017, Exide Life Insurance management team consists of:

  • Kshitij Jain – Managing Director and CEO, Exide Life Insurance[12]
  • Rahul Agarwal – Chief Distribution Officer, Exide Life Insurance[13]
  • Ashwin B - Chief Operating Officer, Exide Life Insurance
  • Rangarajan BN – Appointed Actuary & Chief Risk Officer, Exide Life Insurance
  • C Anil Kumar – Chief Financial Officer, Exide Life Insurance[14]
  • Shyamsunder Bhat - Chief Investment Officer, Exide Life Insurance
  • R. Mahesh Kumar - Director- Legal & Compliance and Company Secretary, Exide Life Insurance
  • Priya Gopalakrishnan - Director – Human Resource, Exide Life Insurance
  • Mohit Goel - Director – Marketing & Direct Channel, Exide Life Insurance
  • Meenakshi Suresh - Head - Internal Audit, Exide Life Insurance
  • Sabyasachi Sarkar - SVP Actuarial, Exide Life Insurance
  • Rajendra Prasad - SVP Finance, Exide Life Insurance
  • Sanjay Tiwari - EVP Product Management, Exide Life Insurance

Key Financial and Operational Highlights 2016–17

  • Profits : INR 112 Crores are up by 27% for year 2016–17[15]
  • Total Premium Income : INR 2409 crores, a growth of 18% over last year
  • New Business Premium : INR 863 crores, a growth of 36% over last year
  • Renewal Premium : INR 1546 crores, a growth of 9% growth over last year
  • Assets Under Management :INR 11,015 crore, a growth of 16% over last year[16]

Tagline and Brand Ambassador

Starting June 22, 2016, the company launched a campaign promoting tagline lamba sath bharose ki baat( long term relationships build trust). The former Indian skipper Mahendra Singh Dhoni was announced as its brand ambassador. It was stated that as an insurance company Exide Life Insurance believed that long term relationships build trust and Dhoni was a perfect embodiment of that belief. This also marked Dhoni's first endorsement in the Insurance category.[17]

Twitter-based Self Help Service

The company introduced Twitter-based self-help service for its customers in February 2017. Thirty per cent of all customer queries the company received on social media came through Twitter. The company developed a self-service platform on Twitter to enable customers manage their policies by sending a direct message to its Twitter handle @ExideLifeCares.[18]

References

  1. ↑ "Insurance sector can grow at double the rate of GDP: Kshitij Jain, Exide Life CEO". timesofindia-economictimes.
  2. ↑ indiainfoline.com. "Sanjay Tiwari, Executive Vice President - Products Management, Exide Life Insurance". Retrieved 2016-09-08.
  3. ↑ "Exide Life Insurance posts 27 per cent jump in NP at Rs 112 cr". 2016-02-12. Retrieved 2016-06-29.
  4. ↑ "ING exits life insurance in India". 2013-01-24. Retrieved 2016-06-29.
  5. ↑ "Most trusted brands ranked by category". Retrieved 2016-06-29.
  6. ↑ "ING Vysya Bank Company History". economictimes.indiatimes.com. Retrieved 2016-06-29.
  7. ↑ "Exide Industries Company History".
  8. ↑ Bureau, Our (2013-01-23). "Exide Ind to buy remaining 50% stake in ING Vysya Life". Retrieved 2016-06-29.
  9. ↑ Saha, Manojit. "Exide to buy out partners' stake in ING Vysya Life for Rs 550 cr". Retrieved 2016-06-29.
  10. ↑ Saha, Manojit. "Exide to buy out partners' stake in ING Vysya Life for Rs 550 cr". Retrieved 2016-06-29.
  11. ↑ Kulkarni, Mahesh. "ING Vysya Life renamed as Exide Life Insurance". Retrieved 2016-06-29.
  12. ↑ "Exide Life profit up 27%". 2017-05-11. Retrieved 2017-07-03.
  13. ↑ "Exide Life unveils unit-linked insurance plan Wealth Maxima". Moneycontrol. Retrieved 2017-07-03.
  14. ↑ "Exide Life Insurance - Management team". www.exidelife.in. Retrieved 2017-09-11.
  15. ↑ "Exide Life profit up 27%". 2017-05-11. Retrieved 2017-07-03.
  16. ↑ "Exide Life profit up 27%". 2017-05-11. Retrieved 2017-07-03.
  17. ↑ Reporter, B. S. (2016-06-21). "Exide Life Insurance signs Mahendra Singh Dhoni as brand ambassador". Business Standard India. Retrieved 2017-05-30.
  18. ↑ "Exide Life Insurance announces launch of Twitter-based self help service | Latest News & Updates at Daily News & Analysis". dna. 2017-02-11. Retrieved 2017-07-03.
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