Edelweiss Life Innovates Risk Management Practices To Strengthen Business Quality

Only insurer to win the prestigious Golden Peacock Award 2023 for Risk Management practices

Mumbai, November 24, 2023 : With a continuous focus on strengthening business quality, Edelweiss Life has introduced innovative risk management practices including driving a risk-conscious culture across the organization to proactively detect and prevent fraudulent practices. 

Subhrajit Mukhopadhyay, Executive Director, Edelweiss Life Insurance said, "Fraudulent incidences are detrimental not only to the business but also the customer. They have a wide-ranging impact across product pricing, bonus payouts, claim settlement, and more. As an organization, we wanted to be proactive in our fraud fighting efforts. Be it the use of automation or driving a risk conscious culture, we have undertaken a score of measures that are enabling us to not only safeguard company profitability but also deliver innovative best-in-class products and services to our customers.”
 
At the end of FY2023, the life insurer reported a claim settlement ratio of 99.20%*, a 13th month persistency ratio of 75%, and an NPS (a measure of customer satisfaction) of 54. The company also boasts innovative products across categories in the sector and has been known for trend setting products like Edelweiss Life Wealth Ultima, Edelweiss Life Zindagi Protect, Edelweiss Life Flexi-Savings Plan and more.  
 
The company has introduced the unique Certified Risk Assessor (CRA) program for its front-line sellers. This program equips them with the skills to assess risk effectively, making them pseudo underwriters. It also employs machine learning models to detect and prevent fraud at different intervals of customer journeys, more notably at issuance and claim settlement. It also uses statistical models, and industry intelligence to investigate and resolve cases. 
 
This year, the life insurer was rewarded the Golden Peacock Award for Risk Management practices. The forum received 370 responses for Corporate Governance, Sustainability, ESG, and Risk Management practices. Only 10 organizations, including Edelweiss Life, were awarded the Golden Peacock Award for Risk Management. 

About Edelweiss Life Insurance
Edelweiss Life Insurance established nationwide operations in July 2011 with an immovable focus on protecting people’s dreams and aspirations. Guided by customer insights, Edelweiss Life has been offering need-based and innovative life insurance solutions to help customers live their #ZindagiUnlimited. With a customer-centric approach, the company endeavours to build a multi-channel distribution network to effectively serve its customers across the country. As of March 2023, the life insurer has established 109 branches in 88 major cities.
 

Awards :
Edelweiss Life Insurance has been recognized at multiple and reputed industry forums over the years. Here are some noteworthy awards: 

• Ranked #38 in India's Best Companies to Work For 2023 and has received 6 other recognitions in a single year by the Great Place to Work Institute 
• Most Trusted BFSI Brands in 2023-2024 by the Marksmen Network
• Employee Excellence Award 2023 by The Economic Times
• Golden Peacock Award 2023 for Risk Management
• Excellence in Customer Experience at The Economic Times CX Summit 2022
• GUINNESS WORLD RECORDS title for collecting the highest number of pledges for organ donation in a single day.

To learn more about Edelweiss Life Insurance, please visit www.edelweisslife.in

Disclaimer
* Claim statistics are for Financial Year 2023-24 and is computed basis individual claims settled over total individual claims for the financial year. For details, refer to Public Disclosures in our Website.