HDFC Standard Life Insurance

When it came to the Indian insurance market, there was a singular government Goliath that loomed large over all the Davids, namely LIC. Challenging its hegemony was surely an insurmountable mission, largely thankless and almost unattainable. But when Standard Life chose to join hands with HDFC, it gave rise to a force that sparred for the top spot with the legendary LIC itself. But this proved to be no mean task, for it required the happy union of quality and innovative products, not to forget working out that most critical of all elements... the price tag! HDFC Standard Life constantly sought out new ways to cement customer satisfaction by offering products which were, on the innovative forefront, tailored! HDFC Standard radically introduced schemes like Endowment Assurance Plans, Money Back Plans which, unlike other insurance firms’ standard offerings, could be specifically altered to satisfy individual coverage whims and fancies. India had never seen such flexible plans before, and HDFC rewrote the rules for others to follow. Even HDFC’s usage of technology, in the form of the FileNet ECM platform (a system which aided decision-making visà-vis customer’s needs and requirements) was a path breaking strategy never utilised before my insurance companies. Today, various competitors have followed suit and cut down the initial lead; but surely, the prize for innovative sincerity goes to HDFC Standard.


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Editor: Arindam Chaudhuri

Source: IIPM Publication