https://en.bharatpedia.org/w/index.php?action=history&feed=atom&title=Exide_Life_InsuranceExide Life Insurance - Revision history2026-07-27T21:36:54ZRevision history for this page on the wikiMediaWiki 1.43.6https://en.bharatpedia.org/w/index.php?title=Exide_Life_Insurance&diff=117015&oldid=prev>WikiCleanerBot: v2.04b - Bot T20 CW#61 - Fix errors for CW project (Reference before punctuation)2021-05-26T10:07:12Z<p>v2.04b - <a href="/w/index.php?title=User:WikiCleanerBot&action=edit&redlink=1" class="new" title="User:WikiCleanerBot (page does not exist)">Bot T20 CW#61</a> - Fix errors for <a href="https://en.bharatpedia.org/wiki/BP:WCW" class="extiw" title="wp:WCW">CW project</a> (Reference before punctuation)</p>
<p><b>New page</b></p><div>{{Multiple issues|<br />
{{Notability|1=Companies|date=January 2021}}<br />
{{Overly detailed|date=January 2021}}<br />
}}<br />
{{Use dmy dates|date=January 2019}}<br />
{{Use Indian English|date=January 2019}}<br />
{{Infobox company<br />
| name = Exide Life Insurance<br />
| image = EXIDE LIFE INSURANCE LOGO.png<br />
| alt = Exide Life Insurance Logo<br />
| former_name = ING Vysya Life Insurance Company<br />
| type = [[Private company]]<br />
| industry = Life Insurance Services<br />
| foundation = 2001<br />
| location = [[Bangalore]] [[India]]<br />
| area_served = India<br />
| key_people = Kshitij Jain (MD and CEO)<br> Rangarajan BN (Appointed Actuary and CRO) <br> B. Ashwin (COO) <br> <ref>{{cite news|url=https://economictimes.indiatimes.com/opinion/interviews/insurance-sector-can-grow-at-double-the-rate-of-gdp-kshitij-jain-exide-life-ceo/articleshow/45712848.cms | title=Insurance sector can grow at double the rate of GDP: Kshitij Jain, Exide Life CEO | date=1 January 2015 | first=Shilpy | last=Sinha | newspaper=The Economic Times | access-date=14 January 2019 }}</ref><br />
| products = [[Life Insurance]]<br />
| parent = [[Exide Industries Limited]]<br />
| homepage = {{url|exidelife.in}}<br />
}}<br />
<br />
'''Exide Life Insurance Company Limited''', is an Indian based [[life insurance]] company, owned by the [[Exide Industries]]. Exide Life Insurance distributes its products through multi-channels viz. Agency, Banc assurance, Corporate Agency & Broking as well as Direct Channels. The Agency channel consists of 50,000 advisors who are attached to over 200 company offices across the country. The company has over 15 lakh customers and manages over INR 15,795 crores in assets.<ref>{{Cite web|url=http://www.uniindia.com/exide-life-insurance-in-fy-2019-20-delivers-strong-growth-in-profits-with-growth-in-premiums/east/news/2059909.html|title=Exide Life Insurance in FY 2019-20 delivers strong growth in profit with growth in premium|date=2020-06-30|access-date=2020-07-23}}</ref> It has been operating since 2001 and is headquartered at [[Bangalore]]. It deals with the [[life insurance]] products, providing long-term protection and savings option.<ref>{{Cite web|url=http://timesofindia.indiatimes.com/business/india-business/ING-exits-life-insurance-in-India/articleshow/18156584.cms|title=ING exits life insurance in India|date=2013-01-24|access-date=2016-06-29}}</ref> It was featured to be among the top ten most trusted insurance brands in India as per [[the Economic Times]], Brand Equity survey 2014.<ref>{{Cite web|url=http://articles.economictimes.indiatimes.com/2014-10-22/news/55318977_1_private-sector-banks-trusted-brands-psu-banks|title=Most trusted brands ranked by category|access-date=2016-06-29}}</ref><br />
<br />
== History ==<br />
<br />
The company, known to be an established and profitable life insurance company, commenced operations in 2001-02 and is head quartered in Bengaluru and being 100% owned by Exide Industries Limited and serving over 15 lakh customers, managing assets of over INR 10000 Crores and total Premium Income of over INR 2000 crores till year 2016.<ref name="Exide Ref3">{{cite news |title=Exide Life Insurance Announces Launch of Twitter Based Self Help Service |url=https://www.businesswireindia.com/exide-life-insurance-announces-launch-of-twitter-based-self-help-service-52161.html |access-date=4 May 2021 |publisher=www.businesswireindia.com |date=11 February 2017 |language=en}}</ref><br />
<br />
=== Initial years ===<br />
In 2000, ING Insurance, a sub-holding company of Dutch financial major [[ING Group]], tied up with [[Bangalore]]-based Vysya Bank to enter the Indian life insurance market thus forming the ING Vysya Life Insurance company.<ref>{{Cite web|url=http://economictimes.indiatimes.com/ing-vysya-bank-ltd/infocompanyhistory/companyid-12250.cms|title=ING Vysya Bank Company History|website=economictimes.indiatimes.com|access-date=2016-06-29}}</ref> In the same year, [[ING Vysya Bank]], ING Insurance, and the [[Damani Group]] formed a life insurance joint venture, this innovative collaboration marks the first bancassurance venture in [[India]].<br />
<br />
[[Exide Industries|Exide industries]],one of the leading life insurance companies in South India, acquired 50% stakes of ING Vysya Life Insurance in 2005,and currently distributes its products through multi-channels viz. Agency, Banc assurance, Corporate Agency & Broking, Direct Channel and Online.<ref>{{Cite web|url=http://economictimes.indiatimes.com/exide-industries-ltd/infocompanyhistory/companyid-13895.cms|title=Exide Industries Company History}}</ref><br />
<br />
In 2008 owing to the [[Financial crisis of 2007–08|financial crisis]] ING had to enter into a bailout agreement, thus starting a global restructuring strategy, and decided to exit the insurance business in [[India]].<ref>{{Cite web|url=http://www.thehindubusinessline.com/money-and-banking/exide-ind-to-buy-remaining-50-stake-in-ing-vysya-life/article4336392.ece|title=Exide Ind to buy remaining 50% stake in ING Vysya Life|last=Bureau|first=Our|date=2013-01-23|access-date=2016-06-29}}</ref> Prior to India, ING exited its insurance ventures in [[Malaysia]], [[Thailand]] and [[Hong Kong]] as well.<ref>{{Cite web|url=http://www.business-standard.com/article/finance/exide-to-buy-out-partners-39-stake-in-ing-vysya-life-for-rs-550-cr-113012300244_1.html|title=Exide to buy out partners' stake in ING Vysya Life for Rs 550 cr|last=Saha|first=Manojit|access-date=2016-06-29}}</ref><br />
<br />
=== Exide Life Insurance ===<br />
After ING exited from [[India]] in January 2013, Exide Industries acquired the remaining 50% of the equity capital of ING Vysya Life Insurance, thus becoming 100% stake holder.<ref>{{Cite web|url=http://www.business-standard.com/article/finance/exide-to-buy-out-partners-39-stake-in-ing-vysya-life-for-rs-550-cr-113012300244_1.html|title=Exide to buy out partners' stake in ING Vysya Life for Rs 550 cr|last=Saha|first=Manojit|access-date=2016-06-29}}</ref> In May 2014, following the approvals from [[Insurance Regulatory and Development Authority]] (IRDA) and the Ministry of Corporate Affairs, the name of ING Vysya Life Insurance Company Limited was changed to Exide Life Insurance Company Limited (Exide Life Insurance) with immediate effect.<ref>{{Cite web|url=http://www.business-standard.com/article/finance/ing-vysya-life-renamed-as-exide-life-insurance-114050500426_1.html|title=ING Vysya Life renamed as Exide Life Insurance|last=Kulkarni|first=Mahesh|access-date=2016-06-29}}</ref> It has a presence in over 200 cities across the country and planned to expand operations in nine centres with major cities being [[Kolkata]], [[Asansol]], [[Jorhat]] and states of [[Bihar]] and [[Odisha]] among others.<ref name="Exide Ref1">{{cite news |last1=Kulkarni |first1=Mahesh |title=ING Vysya Life renamed as Exide Life Insurance |url=https://www.business-standard.com/article/finance/ing-vysya-life-renamed-as-exide-life-insurance-114050500426_1.html |access-date=3 May 2021 |publisher=Business Standard India |date=6 May 2014}}</ref> The company had introduced a new logo, combining the bold 'Exide' word mark with softer, more contemporary forms of the word 'Life' and the 'Exide Life Sun' symbol and red colour and the letterforms of the 'Exide' word mark creating an instant visual connect with the parent brand 'Exide'. The red colour in symbol denotes solidity & dynamism and the word 'Life' is used in the blue colour to denote stability and security and reflect caring and human values and the sun is the most universally recognised visual expression of 'life' and 'optimism' and reinforces the brand's philosophy of preparing people for a long and happy life.<ref name="Exide Ref1" /><br />
<br />
The company had recently launched its first fixed benefit health insurance solution by a life insurance company offering comprehensive coverage against all prevalent Heart and cancer related conditions as these conditions became very common and advancement of health care had increased the chances of survival from these critical illness but extremely high cost of treatment results in huge expenditure for patient.<ref name="Exide Ref2">{{cite news |title=Exide Life Insurance announces launch of Exide Life Sanjeevani |url=https://www.aninews.in/news/business/exide-life-insurance-announces-launch-of-exide-life-sanjeevani/ |access-date=4 May 2021 |publisher=ANI News |date=23 August 2017 |language=en}}</ref><br />
<br />
In 2017,the company launched its Twitter based self help service @ExideLifeCares to enable customers to manage their Exide Life Insurance policies on the popular social media platform, which is also one of its kind in the life insurance category.<ref name="Exide Ref3" /><br />
<br />
== Management team and key people ==<br />
{{As of|2020|03|31}}, Exide Life Insurance management team consists of:<br />
* Kshitij Jain – Managing Director and CEO <ref>{{Cite news|url=https://www.telegraphindia.com/1170511/jsp/business/story_150906.jsp|title=Exide Life profit up 27%|date=2017-05-11|access-date=2017-07-03}}</ref><br />
* Rahul Agarwal – Chief Distribution Officer <ref>{{Cite web|url=http://www.moneycontrol.com/news/business/companies/exide-life-unveils-unit-linked-insurance-plan-wealth-maxima-1480479.html|title=Exide Life unveils unit-linked insurance plan Wealth Maxima|website=Moneycontrol|language=en-US|access-date=2017-07-03}}</ref><br />
* Ashwin B - Chief Operating Officer<br />
* Rangarajan BN – Appointed Actuary & Chief Risk Officer{{Cite web|url=https://www.exidelife.in/about-us/management-team|title=Exide Life Insurance - Management team|website=www.exidelife.in|language=en|access-date=2017-09-11}}</ref><br />
* Shyamsunder Bhat - Chief Investment Officer<br />
* Meenakshi Suresh - Head - Internal Audit<br />
* Sabyasachi Sarkar - Director - Actuarial<br />
* Rajendra Prasad - SVP - Finance<br />
* Dola Mukerjee - Director – Human Resource<br />
* Sanjay Tiwari - Director- Strategy <ref>{{Cite web|url=https://www.financialexpress.com/money/insurance/term-insurance-premium-in-india-is-low-compared-to-us-and-singapore-will-premium-rise-in-future/1932480/|title=Term insurance premium in India is low compared to US and Singapore: Will premium rise in future?|access-date=2020-07-23}}</ref><br />
* Amaresh Jena - EVP - Marketing<br />
<br />
== Key Financial and Operational Highlights 2019–20 ==<br />
<br />
* Profits Before Tax (PBT): INR 29 Crores are up by 141% over last year <ref>{{Cite news|url=http://www.uniindia.com/exide-life-insurance-in-fy-2019-20-delivers-strong-growth-in-profits-with-growth-in-premiums/east/news/2059909.html|title=Exide Life Insurance in FY 2019-20 delivers strong growth in profit with growth in premium|date=2020-06-30|access-date=2020-07-23}}</ref><br />
* Gross Written Premium: INR 3220 crores, a growth of 12% over last year <ref>{{Cite news|url=https://smartinvestor.business-standard.com/market/Compnews-647720-Compnewsdet-Exide_Life_Insurance_Q4_net_profit_up_89_gross_premium_at_Rs_3_220_cr.htm#.XxmcztUzbIV|title=Exide Life Insurance Q4 net profit up 89%; gross premium at Rs 3,220 cr|date=2020-06-30|access-date=2020-07-23}}</ref><br />
* Individual Claims Settlement Ratio: 98.15%<br />
* Solvency Ratio: 210%<br />
* [[Assets Under Management]] :INR 15,795 crore, a growth of 10% over last year<ref>{{Cite news|url=http://www.uniindia.com/exide-life-insurance-in-fy-2019-20-delivers-strong-growth-in-profits-with-growth-in-premiums/east/news/2059909.html|title=Exide Life Insurance in FY 2019-20 delivers strong growth in profit with growth in premium|date=2020-06-30|access-date=2020-07-23}}</ref><br />
<br />
== Major Landmarks ==<br />
<br />
Some of the historical landmarks achieved by the company are:<ref name="Exide Ref4">{{cite news |title=Exide Life Insurance Company Limited {{!}} IBEF |url=https://www.ibef.org/industry/insurance-sector-india/showcase/exide-life-insurance-company-limited |access-date=4 May 2021 |publisher=www.ibef.org}}</ref><br />
<br />
2013 - Wins Telerik Sitefinity Website of the Year Award for Best Website in Financial Category.<br />
<br />
2012 - Wins at DMAI Synergy Awards in Innovation Category.<br />
<br />
2011 - Launches ING ACE (Pension and Life) traditional plan.<br />
<br />
2010 - Launches new child product - ING Ashirvad.<br />
<br />
2009 - Launches new savings solution - ING Prime Life<br />
<br />
== References ==<br />
{{reflist}}<br />
<br />
{{Insurance in India}}<br />
<br />
[[Category:Life insurance companies of India]]<br />
[[Category:Companies based in Bangalore]]<br />
[[Category:Financial services companies established in 2001]]<br />
[[Category:Multinational joint-venture companies]]<br />
[[Category:2001 establishments in Karnataka]]<br />
[[Category:Indian companies established in 2001]]</div>>WikiCleanerBot