With the belief that our customers have to live with their heads held high, there arose a need to start a business that would provide financial security to achieve our common goal together.
The genesis of HDFC Life goes back to August 2010 when Housing Development Finance Corporation Limited (HDFC Ltd.) and Standard life plc. got into a joint venture. Being the first private insurance company incorporated under new financial environment, it was both natural and necessary that HDFC Life aims to be a market leader amongst the private sector insurance companies. Right from the very inception, we as a company believe that a market leader means much more than profits and revenues. It definitely involves earning the trust of customers and being admired as an ethical company in the insurance sector.
This belief in business ethics has materialized into our vision statement and core values such as integrity, innovation, customer-centric, people-care, teamwork, joy and simplicity. Our products are designed not just to save taxes or make investments, but to ensure that our customers don’t have to compromise on self-respect even in the most adverse financial crisis. Our commitment towards our customers took shape in our brand identity — Sar Utha Ke Jiyo. Ethics and customer service are the key driving forces of our business. Our belief in Sar Utha ke Jiyo has motivated us to constantly explore new opportunities through which we can make our services more customer centric.
With an endeavour to provide our customers with the best service experience in the industry, we at HDFC life have laid down strict rules against misconduct and malpractices. We religiously follow all the compliance norms of the industry and practice ‘zero tolerance’ in case of any malpractice.
Our efforts of being an ethical and responsible corporate have not gone unnoticed by our customers. HDFC Life has amongst the highest Assets Under Management (AUM) in the insurance industry. We’ve achieved a market share of 17.5% amongst private players in FY 2013. The company ranked second amongst private players in FY 2013 on weighted received premia (WRP) (Individual business) basis, with a growth of 15% over last year. The private sector grew by 2% over same period.
Our commitment towards corporate responsibility has helped us to be amongst the best in the market even as we’ve continued to earn the trust of our customers and society at large. HDFC Life has always believed that establishing a strong and ethical foundation is an essential prerequisite for long term sustainable growth. This is achievable by maintaining the quality of business and creating long term value for policy holders and stakeholders.
We also believe that business must go hand in hand with a sense of responsibility towards all stakeholders including employees and the society. For us, corporate responsibility comes first. HDFC Life’s Corporate Social Responsibility (CSR) initiative aims to play a positive role by contributing towards the advancement of society and conservation of environment while engaging with our stakeholders.
Mr. Ghag joined HDFC Life in September 2009 and has been spearheading the Human Resource function since then. Before HDFC Life, he was associated with DHL Express as Head of HR for India and Senior Advisor - Quality and Processes (First Choice Programme) for South Asia. He was one of the important members of the board and has travelled extensively across the globe as a trainer as well as a participant of various management conferences.View Complete Profile
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