Page 24 - WOW Magazine Feb 23

Best Wishes to all the SUDians on the 14th Foundation Year of SUD Life. Our Goal of FY 23 is right ahead of us with a
great opportunity to close the year with a Record performance.
Thanks to the support of our partner banks, Bancassurance Team & All support functions for their contribution to
Credit Life channel. Many positive initiatives have been taken in the last 10 months both at SUD Life as well as
partner Banks to ensure all time high Credit Life business growth.
Credit Life Business continues to grow at 57% YoY, with the premium of 326 Cr until 31st Jan 2023. Bank of India and
Union bank of India have contributed 174 Cr (53%) & 152 Cr (47%).
We have paid 478 claims worth 41 Cr till Jan’23(10 months) thereby safeguarding the stakeholder’s (customer as
well as partner bank) interest.

As mentioned earlier, the focus on increasing the footprints remains one of important agenda and it’s a pleasure
to announce that through RRB & Broking channel, four new partners have been onboarded and discussions are in
place for the further tie ups.

FY’23(10 months) Key highlights of Credit Life Channel:

• Annual Credit Life Strategy Meet FY’23
 To set the foundation stone, the event was organized in Bangalore in June 22 wherein top Management
from Head Office provided insights to Supervisory level Manager from the Channel
The Management team had also shared their view on how to increase their engagement with 5
stakeholders like Customers, Shareholders, Distributors, Regulators & Employees.
 Excellence Awards was held to recognise the hard work and perseverance, which was very enthusiastically
received by all the Qualifiers

• BOI & UBI Foundation Month
 Successfully celebrated 107th BOI foundation month in Sep’22 thereby registering 44 Cr premium in Sep’22
 104th UBI Foundation month was celebrated in Nov’22 with business premium of 41 Cr.

• UBI Annual Conclave for the Loan Points (RLP & MLP)
 Annual Conclave for RLP (Retail Loan Points) & MLP (MSME Loan Points) was held in Oct’22 month wherein
MD & CEO of UBI addressed RLP/MLP heads highlighting the importance of Credit Life attachment to the
loan portfolio of the bank
 The conclave was followed by the Rewards & Recognition for Top Performers of H1 FY’23

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