Exide Life Insurance

Exide Life Insurance

Type	Private company
Industry	Life Insurance Services
Founded	2001
Headquarters	Bangalore India
Area served	India
Key people	Kshitij Jain (MD and CEO) B. Ashwin (COO) C. Anil Kumar (CFO) [1]
Products	Life Insurance
Website	exidelife.in

Exide Life Insurance Company Limited, is a 100% Indian owned life insurance company, owned by the Exide Industries. Exide Life Insurance distributes its products through multi-channels viz. Agency, Banc assurance, Corporate Agency & Broking as well as Direct Channels. The Agency channel consists of 50,000 advisors who are attached to over 200 company offices across the country. The company also offers group life insurance solutions.^[2] The company has over 15 lakh customers and manages over INR 11,015 crores in assets.^[3] It has been operating since 2001 and headquartered at Bangalore. It deals with the life insurance products, providing long-term protection and savings option.^[4] It was featured to be among the top ten most trusted insurance brands in India as per the Economic Times, Brand Equity survey 2014.^[5]

History

Initial Years

In 2000, ING Insurance, a sub-holding company of Dutch financial major ING Group, tied up with Bangalore-based Vysysa Bank to enter the Indian life insurance market thus forming the ING Vysya Life Insurance company.^[6] In the same year, ING Vysya Bank, ING Insurance, and the Damani Group formed a life insurance joint venture, this innovative collaboration marks the first bancassurance venture in India.

Exide industries acquired 50% stakes of ING Vysya Life Insurance in 2005.^[7]

In 2008 owing to the financial crisis ING had to enter into a bailout agreement, thus starting a global restructuring strategy, and decided to exit the insurance business in India.^[8] Prior to India, ING exited its insurance ventures in Malaysia, Thailand and Hong Kong as well.^[9]

Exide Life Insurance

After ING exited from India in Jan 2013, Exide Industries acquired the remaining 50% of the equity capital of ING Vysya Life Insurance, thus becoming 100% stake holder.^[10] In May 2014, following the approvals from Insurance Regulatory and Development Authority (IRDA) and the Ministry of Corporate Affairs,the name of ING Vysya Life Insurance Company Limited was changed to Exide Life Insurance Company Limited (Exide Life Insurance) with immediate effect.^[11]

Management Team

As of 29 June 2015, Exide Life Insurance management team consists of:

• Kshitij Jain – Managing Director and CEO, Exide Life Insurance^[12]
• Rahul Agarwal – Chief Distribution Officer, Exide Life Insurance^[13]
• Ashwin B - Chief Operating Officer, Exide Life Insurance
• Rangarajan BN – Appointed Actuary & Chief Risk Officer, Exide Life Insurance

Key Financial and Operational Highlights 2016- 17

• Profits : INR 112 Crores are up by 27% for year 2016-17^[14]
• Total Premium Income : INR 2409 crores, a growth of 18% over last year
• New Business Premium : INR 863 crores, a growth of 36% over last year
• Renewal Premium : INR 1546 crores, a growth of 9% growth over last year
• Assets Under Management :INR 11,015 crore, a growth of 16% over last year^[15]

Tagline and Brand Ambassador

Starting June 22, 2016 the company launched a campaign promoting tagline lamba sath bharose ki baat( long term relationships build trust). The former Indian skipperMahendra Singh Dhoni was announced as its brand ambassador. It was stated that as an insurance company Exide Life Insurance believed that long term relationships build trust and Dhoni was a perfect embodiment of that belief. This also marked Dhoni's first endorsement in the Insurance category.^[16]

Twitter based Self Help Service

The company introduced Twitter based self-help service for it's customers in February 2017. 30 per cent of all customer queries the company received on social media came though Twitter. The company developed a self-service platform on Twitter to enable customers manage their policies by sending a direct message to its Twitter handle @ExideLifeCares.^[17]

References