Edelweiss Tokio Life innovates risk management practices to strengthen business quality
With a continuous focus on strengthening business quality, Edelweiss Tokio Life has introduced innovative risk management practices including driving a risk-conscious culture across the organization to proactively detect and prevent fraudulent practices.
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Mumbai, Nov 28: With a continuous focus on strengthening business quality, Edelweiss Tokio 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 Tokio Life Insurance said, "Fraudulent incidences are detrimental not only to the business but also to 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 Tokio Life Wealth Ultima, Edelweiss Tokio Life Zindagi Protect, Edelweiss Tokio 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 Tokio Life, were awarded the Golden Peacock Award for Risk Management.
