Mumbai, Birla Sun Life Insurance (BSLI) announced its tie-up with Suvidha Infoserve Pvt. Ltd., today. This tie up will enable over 2.3 million policyholders of BSLI to make their premium payments in cash/cheque at any of the 22,000 Suvidha outlets located close to them.
Policyholders can make their premium payments in cash/cheque across all Suvidha outlets spread at convenient locations like kirana stores, mobile stores, medical stores, STD booths, cyber cafés and travel agencies, easily accessible to policyholders. The policy holder can pay his premium by handing over the amount and his policy number to the store owner who will punch in the details and amount at the kiosk and generate a payment acknowledgement receipt of the transaction.
Speaking on the association Mayank Bathwal, Chief Financial Officer, Birla Sun Life Insurance said Customer centricity is at the core of all our offerings at BSLI. A product like Life insurance is driven by repeat interactions and premium payment is the most frequent and basic interaction between the customer and the company. We therefore believe that convenience is key to this offering. He further added Our tie-up with Suvidha Infoserve is a step in this direction. Suvidha with its extensive network spread across the length and breadth of the country will especially be useful to customers in tier 2 and tier 3 locations. We are hoping that these additional touch-points for premium payment will benefit customers.
Commenting on the partnership, Paresh Rajde Founder MD and CEO of Suvidhaa Infoserve Pvt. Ltd. Said, The affiliation is a win-win situation for policy holders and Suvidhaa retailers which will provide abundant payment options and accessibility to them. We see a huge potential for growth in insurance sector and the merging of two will increase the benefit many fold for both customers and retailers. The alliance also re-iterates our commitment of leveraging the platform of S-commerce and the robust technology along with a convenience designed for our customers right in their neighbourhood.
Besides this, BSLI provides premium payment options to customers enabling them to make their premium payments in a mode and manner convenient to them.
These include:
- ECS
- Direct Debit
- Credit Card
- Skypak drop boxes
- Branch office
- Net Banking
- Easy bill
- Through the insurance advisors
- National Electronic Fund Transfer
Notes to Editor
About Birla Sun Life Insurance
Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a well known Indian conglomerate and Sun Life Financial Inc, one of the leading international financial services organizations from Canada. With an experience of over a decade, BSLI has contributed significantly to the growth and development of the Indian life insurance industry and currently is one of the leading life insurance companies in the country. Enjoying trust of its over 2 Million customers, BSLI is known for innovations. BSLI offers a complete range of offerings comprising of protection solutions, childrens future solutions, wealth with protection, health and wellness as well as retirement solutions and has an extensive distribution reach over 500 cities through its network of over 600 branches, close to 1,70,000 empanelled advisors and over 600 partnerships with Corporate Agents and Banks. This is well supported by the sound financials that the Company has. The AUM of Birla Sun Life Insurance is close to Rs. 16,000 crs and it has a robust capital base of over Rs. 2450 crs as on March 31, 2010. For more information, please visit www.birlasunlife.com
About Aditya Birla Financial Services Group (ABFSG)
The Aditya Birla Financial Services Group (ABFSG) has a significant presence across various verticals, including life insurance, insurance broking, mutual funds, private equity, security based lending, factoring, insurance advisory services, retail broking and distribution of third party products.
The seven companies representing Aditya Birla Financial Services Group are Birla Sun Life Insurance Company Ltd., Birla Sun Life Asset Management Company Ltd., Aditya Birla Capital Advisors Pvt. Ltd., Aditya Birla Money Ltd., Aditya Birla Money Mart Ltd, Aditya Birla Finance Ltd. and Birla Insurance Advisory & Broking Services Ltd.
The ABFSG is committed to being a leader and role model in a broad based and integrated financial services business. Its 7 lines of businesses, with over 5.5 million customers manages assets worth USD 20 billion approximately and prides itself for having a talent pool of over 16,000 committed employees. ABFSG has its wings spread across more than 500 cities in India through 1550 branches and over 200,000 channel partners. This allows ABFSG to offer its customers virtually anything other than a savings or current account. With over a billion dollar revenue, ABFSG is a significant non bank player and one of the few players who have a top 5 position in both life insurance and mutual funds.
ABFSG is a part of Aditya Birla Nuvo Ltd (ABNL), a USD 3.5 billion conglomerate having leadership position across its manufacturing as well as services sector businesses. ABNL is a part of the Aditya Birla Group, a USD 29 billion Indian business house operating in 25 countries across the globe.
About Sun Life Financial Inc.
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of March 31, 2009, the Sun Life Financial group of companies had total assets under management of $375 billion. For more information please visit www.sunlife.com.
About Suvidhaa Infoserve Pvt Ltd (SIPL)
Suvidhaa Infoserve Pvt. Ltd. a company, floated to aggregate, commoditize and distribute the services in most convenient form to the consumers. Suvidhaa provides multiple services under one roof in most convenient form to the consumers.
The motto of the company is to give convenience and value to all its customers who are looking for travel service like Railway ticket, Air, Bus, hotel, utility bill payments, telecom products, entertainment, financial services like Insurance, Loans, investments, e-Governance and Lifestyle related services. Company is committed to develop new strategies and influence business transformations with smart thinking expertise. Suvidhaas business expertise aims to address the prevailing gaps in various service sectors. The company uses the technology platform to deliver the services giving an advantage to common man by way of high performance, saving of time & money and higher customer satisfaction.
Suvidhaa currently powers above 22,000 local neighbourhood convenience stores spread across over 20 states & in over 500 cities/ towns. The Suvidhaa Point is consisting of Kirana Store /Mobile Store / Medicals Store / STD Booth / Cyber Cafe / Travel agent and other categories of neighborhood stores. The main premise of this platform is to bring convenience to customers near his house.
