Birla Sun Life Insurance receives BS 25999 Certification
2nd March, 2010
- First life insurance company in India to achieve this distinction
- Implies best practice for its 'Business Continuity Management System'
Mumbai: Birla Sun Life Insurance Company (BSLI), one of India's leading life insurance companies, has achieved the distinction of being the first and only Indian life insurance firm to receive a BS 25999 certification for its business continuity management system. The certificate has been awarded by British Standard Institute (BSI), a leading certification body for BS 25999 certification
'Business Continuity Management System' through the use of consistent processes, metrics and methodologies enables the companies to provide a secure environment for delivering high-quality services to its clients. Towards this, BSLI has always focused on best business practices across all facets of its business with the objective of delivering superior value to its customers.
Speaking on the occasion, Mayank Bathwal, Chief Financial Officer, Birla Sun Life Insurance, said, "Business Continuity Management has always been an integral part of BSLI's business strategy towards helping the company meet its strategic, operational, contractual, legal and client commitments. The company has always laid significant emphasis on building these robust processes towards creating an organisation that is equipped to meet customers' long-term financial needs, with us".
He further adds "We are delighted to be adjudged the first BS 25999 certified insurance company in India. The BS 25999 certification is an indicator of the quality of the business continuity management system we have put in place to continue providing services to our clients when faced with business disruptions. Achievements of this nature, further motivate us to put forth stronger security control measures to secure customers' investments and their faith in us"
Some of the key features of BS 25999 Certification:
- Uninterrupted service to the customer within acceptable level in event of a disaster, eg: claims payment, refunds payment in the event of a disaster/disruption
- Ability to recover quickly to a business as usual scenario
- Continued service to channel partners within acceptable level
- Sustained value creation for shareholders
- Meeting legal, client, contractual and regulatory obligations at all times
- Potential competitive advantage through demonstrated ability to continue product or service delivery
- Reduction of risk to revenue flows
- Greater awareness within the entire organisation of the business continuity/recovery procedures
- Reduction of costs associated with recovery from unplanned business interruptions
- Channelised and rehearsed dissemination of crisis communication
- Helps protect the brand and reputation
About Birla Sun Life Insurance
Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a well known Indian conglomerate, and Sun Life Financial Inc, leading international financial services organization from Canada. With an experience of over nine years, BSLI has contributed significantly to the growth and development of the Indian life insurance industry and currently is one of the leading life insurance companies in the country. Enjoying trust of its over two million customers, BSLI is known for innovation. BSLI offers a complete range of pension, health and life insurance products and has an extensive reach in over 1,500 markets through its network of 600 branches and 1,70,603 empanelled advisors. This is well supported by the sound financials that the company has. The AUM of Birla Sun Life Insurance reached the Rs.15,000 crs and it has a robust capital base of over Rs.2,174.5 crs as on 30 October 2009. For more information, please visit www.birlasunlife.com
About Aditya Birla Group
A US $28 billion corporation, the Aditya Birla Group is in the league of Fortune 500 worldwide. It is anchored by an extraordinary force of 1,00,000 employees, belonging to 25 different nationalities. The group operates in 25 countries across six continents - truly India's first multinational corporation.
Aditya Birla Group through Aditya Birla Financial Services Group (ABFSG), has a strong presence across various financial services verticals that include life insurance, fund management, distribution and wealth management, security based lending, insurance broking, private equity and retail broking. In FY 2008-09, the consolidated revenues of ABFSG from these businesses crossed Rs4,763 crs, registering a growth rate of 36 per cent. For more information please visit www.adityabirla.com.
About Sun Life Financial Inc.
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of 31 March 2009, the Sun Life Financial group of companies had total assets under management of $375 billion. For more information please visit www.sunlife.com.
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