As we grow our product offerings, we are also enhancing our people and process capabilities and targeting higher quality of customers.
During the year, Ujjivan SFB introduced new life and health insurance offerings for identified customer segments. Both these verticals have been witnessing strong y-o-y growth, with increase in average ticket sizes for the life insurance vertical and dramatic surge in medical insurance sales, due to significant cross-sell across categories.
As we grow our portfolio of third-party offerings, we are also upgrading our own capabilities. This is being done by stepping up on employee IRDA certification efforts, streamlining of internal processes to remove various operational bottlenecks, and digitisation of processes, related to customer onboarding and servicing. In addition, as we scale up our service abilities, we are simultaneously focusing on quality customer acquisition across business verticals.
Gross Premium Collected 56% Increase y-o-y
Revenue 42% Increase y-o-y
Highlights of FY 2021-22
25%+ growth in IRDA certified team members. Currently, we have a strong force of 3,600+ trained team members
30%+ growth in number of retail insurance policies issued during FY 2021-22
96% growth in health insurance penetration among our customer base over the last fiscal
24%+ growth in overall retail cross-sell insurance business in terms of premium mobilisation
Partnered with standalone health partner to bring sharper focus in the health insurance distribution landscape
Introduced PAR products at Ujjivan SFB under the life insurance vertical
Average ticket size of life insurance business has increased considerably, compared to the previous year
Corporate Agency Arrangement
For insurance distribution, currently, we have corporate agency arrangements with:
We plan to introduce a new line of business —Investment Services, for our customers. Many of our customers belong to the under-served category, and are relatively new to financial management, we empower them to utilise the full spectrum of financial services offered by us. By serving this untapped need, we expect to add value. We aim at selling our thirdparty products through multiple physical and digital channels, and will be launching insurance through our tele-sales channel, alongside digital insurance distribution through an InsurTech platform that is enabled through our branches.
We will also focus on improving customer satisfaction by enabling end-to-end digital claims intimation, and settlement solutions for both, our asset and liability customers. Moreover, we plan to revamp our internal customer management systems, and introduce better data science-based workflows, thereby improving overall business productivity, while continuing to focus on building IRDA- and NISMcertified teams across branches.