As the Aditya Birla Group consolidates its position across diverse businesses, one organisation is steadily making its presence felt. Welcome to Birla Sun Life Insurance Company Limited (BSLI), the youngest member of the Birla Sun Life combine, and amongst the newest aspirants to take its place under Aditya — the sun. In addition to retaining our position as number two player in the life insurance business (among private sector companies), BSLI has been ranked number one life insurance company to work for, with an overall ranking of number nine, in the "great places to work" survey, covering close to 120 companies. For a fledgling organisation to have achieved this milestone, is indeed commendable.

A regulatory body, the Insurance Regulatory and Development Authority (IRDA) was created to be a watchdog to ensure fair practice, and to maintain a level playing field. One of the guidelines issued was that every private player would get into a joint venture with a foreign partner and form a coalition. The equity pattern was to be in the ratio of 74:26, 74 per cent being with the domestic partner, and 26 per cent with the foreign entity. As the sector looked promising, some of the best performing life insurance companies from across the world made an entry into India through tie-ups with various renowned Indian corporations.

Seeing the potential, our Group decided to extend its existing joint venture tie-up with Sun Life Financials, headquartered in Canada, to the realm of the life insurance business as well. The joint venture had an existing interest in mutual funds at that time. The respect of the Birla name, coupled with the 150-year-old credentials of Sun Life, leaders in wealth management, represented a joint venture partnership with a great pedigree. Creating a niche and gaining the trust and confidence of the people of a nation was the biggest challenge for all the new companies. This was the scenario in which BSLI had to draw its own strategy to gain the riveting attention of the market.

BSLI started its operations in 2001, and in a short span of three years, has established its position as a dominant and influential player in the deregulated private sector life insurance business arena.

	The business planning process at BSLI is reckoned to be extremely strong and well thought through.
	The kind of brand equity that the BSLI brand enjoys is significantly superior to that of competitor companies. This gains added significance, as this has been achieved at a fraction of the cost that competitor organisations have spent.
	Our team of underwriters is recognised as being amongst the best in the business.
	Our client services team has established turnaround times that are the envy of the competition.
	Our alternate channels function, which is number one in its field, has displayed remarkable foresight by enabling BSLI to be the first company to make life insurance available over the internet.
	BSLI has consistently met its rural obligations.
	Our direct sales force team is spread across 27 locations, spanning the length and breadth of India with 33 branches.
	Our Group business is ranked as number one in terms of its performance among private life insurance companies.
	The vibrant culture and dynamism of BSLI makes it a fun place to work in. The workplace provides avenues for an optimum mix of light-hearted moments which reflect in enhanced productivity.

Beating stress with masti
Keeping pace with our rapid expansion, has been a steadily rising headcount, touching 1,253 employees (as on 12-12-2003). With 55 per cent of our workforce under 30 years of age, and a total of a whopping 97 per cent under 40 years, we are talking about an incredibly young organisation. Keeping this youthful workforce constantly on the go was the challenge we faced. Enter the MSLI Team, which is an acronym for Masti — The BSLI Way. MSLI was started with a clear mandate aimed at making BSLI a "fun" place to work in and thereby reduce stress levels. The whole process is driven internally using company representatives.

The underlying objective is to leverage on internal talent available and give them opportunities to exhibit their skills such as creative thinking, fine arts, and at the same time, introduce activities which would otherwise be ignored.

What is most heartening is that at the end of the day, after the conclusion of yet another event, the MSLI Team goes back, happy in the belief, that they could make a few more people look forward to get to work the next day.

	Leadership in unit-linked plans: 95 per cent of sales come through unit-linked plans. The company is one of the largest sellers of unit -linked plans in one of the fastest growing life insurance markets in the world.
	A pioneer in introducing unique product features like a "free look period" and best sales practices such as the use of "sales illustrations". The regulator has now introduced the "free look period as an industry norm. The mandatory use of sales illustrations within BSLI set up a standard of transparency in the industry.
	Best persistency ratio (defined as policies issued — policies lapsed/policies issued) of 95.46 per cent by premium.
	BSLI has consistently recorded the highest average sum assured of Rs. 3,26,000 and average premium of Rs. 19,500 per policy in the industry with a unit-linked product range.
	A very efficient utilisation of capital.
	Low claims ratio of 0.06 per cent of total policies.
	Produced the first advisor to qualify to the "top of the table" (TOT — a universal recognition accorded to the best performing insurance agent, by country) amongst all private life insurance companies.
	93 per cent satisfaction rating obtained, based on customer feedback surveys covering the policy holders.
	The first company to offer life insurance products to customers over the internet.
	The first private sector life insurance company to have an operational Business Continuity Plan (BCP).
	Ranked number three among private life insurance companies in the most "trusted brands" survey conducted by The Economic Times.
	Low employee attrition rate.