Page 17 - The Insurance Times May 2021

customers can avail the life cover 20, and is now set to go beyond 95% ICICI Prudential Life's new
through SBI YONO app in no time. SBI in 2020-21, the statement read.
said that one can apply for this life biz premium up 23% in Q4
cover in a few steps. The scheme Pramerica Life Insurance ICICI Prudential Life has recently
provides death benefit as sum assured reported a 23% development in its new
will be payable as defined by the appoints Kalpana Sampat enterprise premium, a key metric for
scheme rules. as new MD & CEO insurance coverage firms, as it had
SBI Life - Sampoorn Suraksha is a Pramerica Life Insurance has recently report coverage gross sales in March
group, non-linked, non-participating, appointed Kalpana Sampat as the and forecast a powerful development
pure risk premium life insurance Managing Director & CEO of the JV this fiscal as the financial system limps
product. It is available for different company. Prior to this elevation, she again to normalcy amid intermittent
formal and informal groups. This SBI was the Chief Operating Officer of this disturbances on account of COVID-19-
life cover can be used to cover wider fully owned subsidiary of Prudential related restrictions.
range of groups like borrower- Financial, Inc. Its guaranteed-income and pension
depositor, employer-employee,
Sunil Kumar Bansal, Chairman, product launches, new financial
professionals, affinity, etc.
Pramerica Life Insurance Limited, institution assurance companions
This plan offers security through remarked, "Kalpana is a respected reminiscent of IndusInd and together
financial support to your group leader in life insurance with an with new 20,000 brokers helped
members' dependents in case of an exceptional record. The Board is enhance gross sales and produce down
eventuality, flexibility to define the optimistic that the company can the reliance on Unit Linked Insurance
benefits as per the group's
deliver substantial strategic and Products. The firm has tripled its
requirements, and simplicity through operational progress under her able provisions for COVID-19-related claims
an easy on-boarding process.
leadership." to Rs. 300 crore.

Shriram Life Insurance Prior to joining Pramerica Life The firm recently stated that at Rs.
Insurance, Kalpana Sampat was the 5,133 crore, its new enterprise
launches 12-hour claims CEO for Swiss Reinsurance Co., India premium grew 23% year-on-year in
settlement branch and was instrumental in its the fourth quarter of FY2021 with
launch in 2015. She is a certified ACMA,
Shriram Life Insurance has recently bancassurance contributing 42% of it.
stated that it has introduced a 12-hour a Fellow of the Insurance Institute of Its share of ULIPs was at 47%, down
claim settlement process for non-early India and Associate of the Chartered from greater than 80% a couple of
claims. Non-early claims are those that Insurance Institute UK. She has also years in the past.
are filed after three years of a policy been a guest faculty at the National N.S. Kannan, CEO, ICICI Prudential Life
being issued. Insurance Academy since 2003.
Insurance, said, "Along with
Casparus Kromhout, MD & CEO, Upon her appointment, Kalpana opportunity, the base effect should
Shriram Life Insurance, said in a Sampat stated, "I am honoured by our boost growth this year. The lockdowns
statement, "Our team is focused on Company Board's decision and
won't be as harsh as last year. We don't
ensuring that timely help is extended appreciate the trust posed in me by
expect a derailment of the economy.
on claim intimation and wherever the shareholders and the Board. Our It would not be as bad as last year
possible, the claims are settled within joint venture partner 'Prudential
a time period of 12 hours. Currently, Financial Inc.', is an incredible global while businesses have learnt the hard
over 54% of all non-early claims institution with a proud history. I am way on how to navigate in these
received are settled within 12 or 48 excited to collaborate with all my troubled times."
hours." colleagues, in writing the next chapter The insurer settled COVID-19-related

The insurer has been steadily at Pramerica Life Insurance and am claims aggregating Rs. 459 crore in the
improving its settlement ratio from fully committed to the responsibility final fiscal and web of reinsurance it
64% in 2016-17 to over 91.6% in 2019- bestowed on me." paid out Rs. 264 crore. T

The Insurance Times, May 2021 17