IBM signs a nine year deal with Birla Sun Life Insurance to improve efficiencies and drive revenue across the business

Birla Sun Life Insurance will leverage IBM’s Mobile, Analytics, Cloud, Research and Software Labs in India to transform its business processes and reduce cost

Bengaluru, India - 05 Feb 2015: IBM today announced that Birla Sun Life Insurance (BSLI), the life insurance arm of the Aditya Birla Financial Services Group, signed a nine year IT outsourcing deal with IBM to consolidate, redesign in-scope applications and use analytics to provide client insights that build competitive advantage. BSLI will leverage mobility and cloud with IBM’s research and Software Labs to achieve increased revenues, reduce costs and enhanced profitability.

As a leading life insurance player, it has been BSLI’s endeavor to proactively understand what it is that the customers look for and channel the business to suit these different outcomes. BSLI has always been a pioneer in innovations and in setting benchmarks for the life insurance industry. Now, once again, BSLI in this partnership with IBM will adopt a first-of-a-kind technology solution to the insurance sector that will radically transform the business technology model. BSLI will leverage IBM’s business consulting, application development and maintenance services to drive process efficiencies and transform the business towards better outcomes for customers and employees. Tailor-made solutions from IBM will bring process maturity best practices, IT portfolio consolidation and introduce innovative tools.

This deal could help BSLI realize a cost reduction advantage from consolidation of IT vendors. IBM’s flexible pricing model will enable dynamic ramp up/down and consumption based operational spending along with a roadmap to modernize, consolidate and rationalize the application portfolio, bringing in speed and reduced time to market. 

Speaking on the occasion, Mayank Bathwal, Dy. CEO, Birla Sun Life Insurance said, “We at Birla Sun Life Insurance are committed to offering an enhanced experience to our customers while improving on efficiencies and profitability of the business. We believe that this winning partnership with IBM will help us excel and stay ahead of the curve in this fast evolving life insurance industry, while addressing all business needs. IBM’s vast experience and technology capabilities will add tremendous value to our business.”

“IBM remains committed in the transformation of the BFSI industry catalyzing growth and inclusion. We are pleased to partner with BSLI to help leverage leading technology solutions like cloud and analytics to make critical strides in achieving business transformation, improving service delivery and increasing customer satisfaction.“said Vanitha Narayanan, Managing Director, IBM India. "We will bring our local and global expertise and capabilities to fuel BSLI' expansion and growth in this dynamic Insurance industry in India." she further added. 
 
About Birla Sun Life Insurance 
Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a well known Indian conglomerate and Sun Life Financial Inc., one of the leading international financial services organisations from Canada. With an experience of over a decade, BSLI has contributed to the growth and development of the Indian life insurance industry and is currently one of the leading life insurance companies in the country. BSLI has a customer base of over two million policy holders. The Company offers a complete range of offerings comprising protection solutions, children's future solutions, wealth with protection solutions, health and wellness solutions, retirement solutions and savings with protection solutions. It has an extensive distribution reach in over 500 cities through its network of over 560 branches, around 85,000 empanelled advisors and over 140 partnerships with corporate agents, brokers and banks. Birla Sun Life Insurance has total assets under management of ‘26,813 Crores and a robust capital base of over ‘2,170 Crores, as on 30th Jun, 2014. For more information, please visit www.insurance.birlasunlife.com
  
About Aditya Birla Financial Services Group
Aditya Birla Financial Services Group (ABFSG) ranks among the top 5 fund managers in India (excluding LIC) with an AUM of USD 20.4 billion. Having a strong presence across the life insurance, asset management, NBFC, private equity, retail broking, distribution & wealth management, and general insurance broking businesses, ABFSG is committed to serve the end-to-end financial services needs of its retail and corporate customers. The seven companies representing ABFSG are: Birla Sun Life Insurance Company Ltd., Birla Sun Life Asset Management Company Ltd., Aditya Birla Finance Ltd., Aditya Birla Capital Advisors Pvt. Ltd., Aditya Birla Money Ltd., Aditya Birla Money Mart Ltd. and Aditya Birla Insurance Brokers Ltd. In FY 2013-14, ABFSG reported consolidated revenue from these businesses at Rs. 6,640 Crore (USD 1.1 billion) and earnings before tax at Rs. 745 Crore. Anchored by about 13,000 employees and trusted by over 5.3 million customers, ABFSG has a nationwide reach through 1,500 points of presence and about 130,000 agents / channel partners.

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