Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Indian conglomerate Aditya Birla Group, and Sun Life Financial Inc., an international financial services organisations from Canada. BSLI has a customer base of over two and half million policy holders.
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History
Birla Sun Life Insurance Company Limited was founded in 2000. The company is based in Mumbai, India. It is a joint venture between Indian Aditya Birla Group and Canadian Sun Life Financial Inc. In April 2016, Sun Life Financial increased their stake in Birla Sun Life Insurance to 49%.
The Aditya Birla Group
The Aditya Birla Group is an Indian multinational conglomerate named after Aditya Vikram Birla, headquartered in the Aditya Birla Centre in Worli, Mumbai, India. It operates in 40 countries with more than 120,000 employees worldwide. The group was founded by Seth Shiv Narayan Birla in 1857. The group interests in sectors such as viscose staple fibre, metals, cement (largest in India), viscose filament yarn, branded apparel, carbon black, chemicals, fertilisers, insulators, financial services, telecom (third largest in India), BPO and IT services. The group had a revenue of approximately US$41 billion in year 2015.
Aditya Birla Financial Services Group (ABFSG) is the umbrella brand for all the financial services business of The Aditya Birla Group. They have a strong presence across the life insurance, asset management, lending (excluding Housing), housing finance, equity and commodity broking, wealth management and distribution, online money management portal--Aditya Birla Money MyUniverse, general insurance advisory and private equity and health insurance businesses. ABFSG is committed to serve the end-to-end financial services needs of its retail and corporate customers. In FY 2013-14, ABFSG reported consolidated revenue from these businesses at just under INR70 billion (US$1.1 billion) and profits of about INR7.5 billion (US$120 million). Anchored by over 14,000 employees and trusted by over 6 million customers, ABFSG has a nationwide reach through 1,500 points of presence and about 130,000 agents/channel partners.
Sun Life Financial
Sun Life Financial, Inc. is a Canada-based financial services company known primarily as a life insurance company. It is one of the largest life insurance companies in the world, and also one of the oldest with the history spanning back to 1865. Sun Life Financial has a strong presence in investment management with over CAD$734 billion in assets under management operating in a number of countries. Sun Life had about $734 billion of assets under management as of Dec. 31 2014 including mutual funds and insurance-unit holdings.
Maps Birla Sun Life Insurance Company Limited
Growth
BSLI is the first Indian Insurance Company to introduce "Free Look Period", by which consumer can return the policy to an insurance company within this period after receiving the policy. "Free Look Period" was later made mandatory by Insurance Regulatory and Development Authority of India for all other life insurance companies In 2013. Additionally, BSLI pioneered the launch of Unit Linked Plan. BSLI has a policy of disclosing their portfolio on a monthly basis. On 5 February 2015, Birla Sun Life Insurance signed an IT outsourcing deal with International Business Machines Corporation (IBM) with a view to leveraging mobility and cloud solutions developed by IBM Research and the IBM India Software Lab.
Awards and recognition
- 'Gold Trophy' for Financial Reporting by The Institute of
- Chartered Accountants of India (ICAI) in 2012.
- Media Abby Awards at Goa Fest Advertising Agencies Association of India & Advertising Club Bombay (2011)
- Grand Midas at the Midas Awards 2013 in Public Service Category for work titles as 'Death Track'.
- Gold Midas Awards 2013 in Direct Mail/Collateral competition for work titled as 'Karva Chauth'.
References
Source of the article : Wikipedia
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