Prudential Life Insurance – ICICI Prudential Life Insurance Company Limited is a life insurance company in India. It was established as a joint venture of ICICI Bank Ltd
ICICI Prudential Life is engaged in life insurance and asset management. In 2016, the company became the first insurance company in India to be listed on a domestic stock.
Prudential Life Insurance
ICICI Prudential Life Insurance was launched in 2001. The life insurance arm was formed as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited.
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In 2010, the company exceeded 50,000 million euros ($6.3 billion) in assets under management (AUM).
In 2016, ICICI Prudential Life became the first insurance company to be listed on an Indian stock, the Bombay Stock and the National Stock.
With a market capitalization of 5,000 million euros (US$630 million), the IPO was considered the largest in the Indian market since 2010, with sponsor ICICI Bank Ltd selling 12.65 percent of its shares. Temasek Holdings, Premji Invest and the Government of Singapore are other major shareholders.
In 2017, ICICI Prudential Life was asked to take over the insurance business of Sahara Life at the request of regulator IRDA in order to resolve the crisis in its life insurance arm Sahara.
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Total revenue was €32,000 million (US$4.0 billion), of which approximately €12,000 million (US$1.5 billion) was from new business awards. 21,000 million ($2.6 billion) was the Revival prize.
In September, NSDL signed a corporate sponsorship agreement with Paymts Bank to provide customer-based protection and savings products.
In December, RBL partnered with the bank and formed a bancassurance partnership with plans to offer a portfolio of life insurance products to customers.
“Product of the Year 2019” in the Life Insurance category by Life (India) Pvt.
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“Product of the Year 2021” in Life Insurance – Pensions & Retirement Plans Category Product of the Year Qualified Life Insurance by ICICI (India) Pvt Ltd Claim Settlement Ratio 97.9% for 2013 Company Lasted 1.4 days Avg. to settle uninvestigated death claims.
To make the claims process faster, safer and more convenient, especially during the pandemic, the customer uses digital technologies such as artificial intelligence (AI), machine learning, robotic process automation (RPA) and optical character. Recognition (OCR).
Technologies such as RPA and OCR are used to underwrite, assess claims, sell or renew policies, and provide customized recommendations. Customers can use WhatsApp, Mobile App, Website, Chatbot LiGo etc. they can use digital touch points such as
In addition, the mobile app developed by the company allows users to choose the layout of the control panel to facilitate access to the above operation options. For example, if a customer wants to see the premium amount or fund value more frequently, he can rearrange these notes on the login page.
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Best of all, the user can access policy details on the mobile app even when offline. The company has developed a multi-channel distribution network and service architecture that includes branches, call centers, e-mail, website and mobile applications, enabling customers to interact with the company at their convenience.
The company offers over 3,00,000 touch points for payment of renewal charges covering 95% of pin codes in the country.
To help customers follow social distancing norms during the pandemic, the company has accelerated the use of digital tools and shifted to a virtual mode of selling life insurance and providing customer services.
Today, more than 90% of service transactions are done digitally in self-service mode, reflecting the convenience offered by digital platforms. The focus on customer centricity has enabled the company to provide hassle-free claims and post one of the best claim settlement rates in the industry on the back of new age technology solutions.
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Using technology as an enabler, the company prevents customers from responding to customer requests, such as requesting products, creating quotes, purchasing travel and after-sales service requests. These and other initiatives enabled us to post 84.8% for the 13th consecutive month for 9M-FY2022, one of the best in the industry. A high stability ratio indicates satisfied customers, satisfied distributors, and profitable growth.
Process innovation and digitization enabled the company to issue 65 million policies in just 3 days. It is the only life insurance company in the country to achieve this milestone.
The pandemic requires continuous coverage, and to ensure this, the company deployed Humanoid, a multilingual, speech recognition and conversational AI tool, to update its premium reminder call. The humanoid can make over 50,000 calls per hour.
Ashish Rao, EVP & Head – Customer Experience & Operations, ICICI Prudential Life Insurance said, “All our digitization initiatives are aimed at empowering customers and providing a hassle-free experience. Technology has streamlined operations and ensured that customers have access to policies and services for the comfort and safety of their homes. over 90% of inquiries are now self-service. Claims are real-time and digitization ensures a fraud-free claims handling process. As a customer-centric organization, we have adopted a ‘Customer First’ philosophy and handle all Covid-19 related claims with sensitivity and speed. Our digital capabilities such as WhatsApp, mobile app, website and chatbot provide a secure and convenient way to deliver and track LiGo.
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“The claim resolution ratio for 2021 was 97.9% and the average time to resolve an uninvestigated death claim was 1.4 days, which we believe is one of the best in the industry. Financial security is a need for every citizen and life insurance provides customer protection and long-term savings. As part of our vision to build a sustainable business that focuses on their needs, it gives us great satisfaction to be able to quickly address all the real requirements during the pandemic.” ICICI Prudential Life is a joint venture between ICICI Bank Ltd and Prudential Corporation Holdings Limited. ICICI Bank, India’s largest private bank, is an international financial services group of Prudential Corporation. As of June 2016, ICICI P Radical Insurance Company has assets under management of INR 1092.82 billion. ICICI Prudential offers various life insurance products in categories like investment, savings and protection. Among the major insurance plans offered by the company are ICICI Term Insurance, ULIP etc. there is This life insurance policy caters to the insurance requirements of people at various stages of life and helps them achieve their long-term financial goals. The entire product portfolio of ICICI Prudential is listed below.
With a customer centric philosophy, ICICI Prudential Life Insurance has developed and implemented various initiatives to offer its customers products, quality services, hassle-free claims handling experience and consistent fund performance. Also, with the availability of a digital platform, you can buy ICICI insurance online and check your ICICI Prudential Life Insurance policy status in just a few clicks.
Every effort has been made to ensure that the information provided here is accurate. However, no guarantees are made as to the accuracy of the information. Please check with the scheme information document before investing. Life Insurance Ghana has launched a new product to enable Ghanaians to achieve their financial goals and protect their families from life’s uncertainties.
The new PruWealth plan is a policy with benefits unmatched in the financial industry. It provides both investment and protection for the policy holder. A PruWealth plan can be an investment for: a parent planning a child’s college education, a homemaker or a married couple starting to save as a seasoned professional preparing for retirement.
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The policy calculates the amount you need to save today to meet your financial goals 10-15 years from now. With a minimum cover of GHS 100,000, everyone has the option to add an inflation protector to suit their desired lump sum over the life of the investment. In addition, the PruWealth plan guarantees 100% refund of all premiums paid plus interest if the policyholder cancels the policy term without making a claim, including an additional five years of free insurance premiums.
In case of permanent disability or worst case death, the PruWealth plan pays a lump sum, waives all payments for the remaining policy term and pays again for the policy term! PruWealth also pays 10% of the premium every year until the end of the policy term in case of death.
Payments are ongoing
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