Birla Sun Life Insurance Company Limited
 | |
| Private | |
| Industry | Insurance |
| Founded | 2000 |
| Founders | Aditya Vikram Birla |
| Headquarters | Elphinstone Road, Mumbai, India |
Key people |
Kumar Mangalam Birla (Chairman) |
| Services | Insurance |
| Total assets | ₹300,000,000,000 (May 2015) |
| Parent | Aditya Birla Group and Sun Life Financial Inc. |
| Website |
insurance |
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.[1]
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%.[2]
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.[3][4] It operates in 40 countries with more than 120,000 employees worldwide.[5] 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.[6]
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 ₹70 billion (US$1.1 billion) and profits of about ₹7.5 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.[7] Sun Life had about $734 billion of assets under management as of Dec. 31 2014 including mutual funds and insurance-unit holdings.
Growth
BSLI is the first Indian Insurance Company to introduce "Free Look Period", by which consumer can return the policy to an insurance company within this period after receiving the policy.[7] “Free Look Period” was later made mandatory by Insurance Regulatory and Development Authority of India for all other life insurance companies In 2013. Additionally, BSLI pioneered the launch of Unit Linked Plan.[8] BSLI has a policy of disclosing their portfolio on a monthly basis.[9] On 5 February 2015, Birla Sun Life Insurance signed an IT outsourcing deal with International Business Machines Corporation (IBM) with a view to leveraging mobility and cloud solutions developed by IBM Research and the IBM India Software Lab.[10]
Awards and recognition
- 'Gold Trophy' for Financial Reporting by The Institute of
- Chartered Accountants of India (ICAI) in 2012.[11][12]
- Media Abby Awards at Goa Fest Advertising Agencies Association of India & Advertising Club Bombay (2011)[13]
- Grand Midas at the Midas Awards 2013 in Public Service Category for work titles as 'Death Track'.[14]
- Gold Midas Awards 2013 in Direct Mail/Collateral competition for work titled as 'Karva Chauth'.[14]
References
- ↑ Zigu. "Rank 7 Birla Sun Life Insurance : Top 10 Insurance Companies in India 2016 - MBA Skool-Study.Learn.Share.".
- ↑ "Sun Life Financial increases stake in Birla Sun Life Insurance to 49% - Times of India".
- ↑ "Contact." Aditya Birla Group. Retrieved on 6 November 2013. "Aditya Birla Group Headquarters - Aditya Birla Centre, 3rd Floor, S K Ahire Marg, Worli, Mumbai, India"
- ↑ "Media | Press releases | Hindalco Industries Ltd. and Novelis Inc. announce an agreement for Hindalco's acquisition of Novelis for nearly US$ 6 billion". Hindalco. 11 February 2007. Retrieved 16 July 2010.
- ↑ "Aditya Birla Group – Aditya Birla Group India – Aditya Birla Group Profile – History of Aditya Birla Group". Iloveindia.com. 21 July 2007. Archived from the original on 25 August 2010. Retrieved 16 July 2010.
- ↑ "Best Employers in India 2007". Hewitt Associates Best Employers in India Survey. 13 April 2007. Archived from the original on 14 October 2007. Retrieved 20 September 2007.
- 1 2 2013 At A Glance (PDF). Sun Life Financial. December 31, 2014. Retrieved 2014-08-18.
- ↑ "How To Save Tax Like A Champ".
- ↑ Reporter, B. S. (3 December 2015). "Sun Life to buy 23% more of Birla Sun Life" – via Business Standard.
- ↑ "Birla Sun Life Insurance Company and Plans".
- ↑ http://shodhganga.inflibnet.ac.in/bitstream/10603/34955/9/09_chapter_02.pdf
- ↑ "Best Online Advertising Award Winners - The Internet Advertising Awards".
- ↑ https://www.adgully.com/goafest-2011-media-abbys-2011-winners-announced-46294.html
- 1 2 "Five metals for Aditya Birla brands; JWT wins Grand Midas for Birla Sun Life’s ‘Death Track’".