HDFC Life Achieves Overall Market Share Of 11.0%; Value Of New Business Grows By 17.4% Aided By Premium Growth Of 31%

The Board of Directors of HDFC Life approved and adopted the reviewed standalone and consolidated financial results for half year ended September 30, 2024. The Company delivered healthy performance across all metrics, maintaining positive momentum.

Performance Highlights:

Topline Growth: Delivered strong new business premium (individual APE) growth of 31%, supported by a 22% increase in number of policies sold and a balanced product mix

Market Share: Private sector market share (individual WRP) expanded by 60 bps to 16.3%. Overall market share touched a new peak of 11%

Value of New Business (VNB) grew by 17.4% to ? 1,656 crore, reflecting focus on writing profitable business

Assets under Management (AUM): AUM stood at ?3.25 lakh crore as on 30th September 2024, an increase of 23% in H1 FY25

Persistency: 13th and 61st month persistency ratios improved to 88% and 60% respectively, marking a material increase of 120 basis points and 730 basis points respectively versus the previous year, underscoring the company's ability to engage with and retain customers

Embedded Value (EV) crossed the ? 50,000 crore milestone during the quarter, with 16.0% operating return on EV, showcasing sustained long-term value creation for both policyholders and shareholders

Profit After Tax (PAT) of ? 911 crore was achieved in H1 FY25, clocking a steady growth of 15% year-on-year

Solvency Ratio stood at 181%, comfortably above the regulatory threshold of 150%. Post the subordinated debt raise of Rs 1,000 crore on 9th October 2024, solvency stood at 192%.

HDFC Pension Fund Management is HDFC Life’s wholly-owned subsidiary and India’s largest private pension fund manager. It achieved a significant milestone in H1 FY25, by crossing ?1 lakh crore in Assets under Management

Employee Focus: We were recognised for our inclusivity and employee-friendly policies, being awarded the Best Companies for Women in India 2024 in the BFSI sector and Exemplar of Inclusion (Most Inclusive Companies India 2024) by Avtar & Seramount

CEO’s Statement:

Vibha Padalkar, Managing Director and CEO of HDFC Life, commented: “The private sector and overall industry continued its strong momentum in Q2, growing in H1FY25 by 24% and 21% respectively on an individual weighted received premium basis. We have outperformed the private sector by growing at 28% during this period and 19% on a 2 year CAGR basis. We registered an increase of 22% in the number of policies, which was significantly ahead of the private sector growth of 13%. We experienced secular growth trends across Tier 1, Tier 2 and Tier 3 geographies.

On the regulatory front, we have successfully relaunched more than 40 top products contributing to about 95% of the business, in alignment with revised regulations as on October 1, 2024 and we plan to relaunch other products during the course of the quarter. We are thankful to the regulator in allowing us an additional time of three months for transitioning to the new product regulations.

Furthermore, we are happy to inform that HDFC Life continues to be recognised for its commitment to sustainability and responsible governance. HDFC Life's S&P Global ESG score saw an improvement of over 20% versus last year and we continue to be rated well amongst regional insurers. Our MSCI ESG Rating has also been upgraded to ‘A’.

We remain focused on driving sustainable growth and strengthening our leadership across key segments. We will continue to invest in customer-centric innovations to ensure we meet evolving needs and remain resilient in a dynamic market. We are confident in our ability to deliver long-term value for our stakeholders, whilst adapting to the evolving market landscape with agility and resilience.”

Definitions and abbreviations

Annualized Premium Equivalent (APE) - The sum of annualized first year regular premiums and 10% weighted single premiums and single premium top-ups

Assets under Management (AUM) - The total value of Shareholders’ & Policyholders’ investments managed by the insurance company

Embedded Value Operating Profit (EVOP) - Embedded Value Operating Profit (“EVOP”) is a measure of the increase in the EV during any given period, excluding the impact on EV due to external factors like changes in economic variables and shareholder-related actions like capital injection or dividend pay-outs

First year premium - Premiums due in the first policy year of regular premiums received during the financial year. For example, for a monthly mode policy sold in March 2024, the first monthly instalment received would be reflected as First year premiums for 2023-24 and the remaining 11 instalments due in the first policy year would be reflected as first year premiums in 2024-25, when received

New business received premium - The sum of first year premium and single premium, reflecting the total premiums received from the new business written

Operating expense - It includes all expenses that are incurred for the purposes of sourcing new business and expenses incurred for policy servicing (which are known as maintenance costs) including shareholders’ expenses. It does not include commission

Operating expense ratio - Ratio of operating expense (including shareholders’ expenses) to total premium

Operating return on EV - Operating Return on EV is the ratio of EVOP (Embedded Value Operating Profit) for any given period to the EV at the beginning of that period

Persistency - The proportion of business renewed from the business underwritten. The ratio is measured in terms of number of policies and premiums underwritten

Premium less benefits payouts - The difference between total premium received and benefits paid (gross of reinsurance)

Renewal premium - Regular recurring premiums received after the first policy year

Solvency ratio - Ratio of available solvency margin to required solvency margin

Total premium - Total received premiums during the year including first year, single and renewal premiums for individual and group business

Weighted received premium (WRP) - The sum of first year premium received during the year and 10% of single premiums including top-up premiums

About HDFC Life

Established in 2000, HDFC Life is a leading, listed, long-term life insurance solutions provider in India, offering a range of individual and group insurance solutions that meet various customer needs such as Protection, Pension, Savings, Investment, Annuity and Health. The company has more than 80 products (including individual and group products) and optional riders in its portfolio, catering to a diverse range of customer needs.

HDFC Life continues to benefit from its increased presence across the country, having a wide reach with branches and additional distribution touch-points through several new tie-ups and partnerships. The count of distribution partnerships is over 300, comprising banks, NBFCs, MFIs, SFBs, brokers, new ecosystem partners amongst others. The Company has a strong base of financial consultants.

For more information, visit www.hdfclife.com. You may also connect with us on Facebook, Twitter, YouTube and LinkedIn.

IIIT-Bangalore And NIMHANS Collaborate To Deliver The Tele MANAS App For 24/7 Mental Health Support

World Mental Health Day was observed on October 10, 2024, with this year’s theme as “It’s Time to Prioritize Mental Health at the Workplace.” On this day, the Union Health Ministry celebrated the success of the National Tele Mental Health Programme, Tele MANAS, which has completed two years of service and has handled more than 14.5 lakh calls. The Tele MANAS toll-free helpline, available at 14416 or 1-800-891-4416, offers multilingual support in 20 languages and has been instrumental in connecting individuals with mental health professionals.

At the commemoration event in New Delhi, Smt. Aradhana Patnaik, Additional Secretary of MoHFW & Managing Director of the National Health Mission (NHM) launched the Tele MANAS mobile app and the video call facility in Tele MANAS.

The International Institute of Information Technology Bangalore (IIIT-Bangalore) is proud of its role in the development of the Tele MANAS mobile app, designed to offer free and confidential 24/7 mental health support across India. Developed entirely in-house with content and guidance provided by the Tele MANAS Apex Centre at NIMHANS, the app is available on the Google Play Store, with an iOS version coming soon. The Tele MANAS app provides a comprehensive set of services aimed at promoting mental well-being and reducing stigma around mental health. Key features of the app include 24/7 mental health support, an extensive knowledge base, and user-friendly interface.

Video consultations in Tele MANAS represent a significant upgrade to the existing audio calling service. When necessary, mental health professionals can initiate video consultations, providing a more personalized experience and better care to the users. Initially, this service will be launched in Karnataka, Jammu & Kashmir, and Tamil Nadu, with plans to expand it nationwide in the future.

The Report of Tele MANAS Rapid Assessment by the World Health Organizations (WHO) was also released at the event.

"We are immensely proud of our colleagues'  contributions to the Tele MANAS mobile app. The Tele MANAS Apex Centre at NIMHANS and our team at the E-Health Research Center (EHRC) at IIIT-Bangalore have done exceptional work in developing the Tele MANAS mobile app. With content and guidance provided by NIMHANS, this innovative platform is a testament to our institute's commitment to leveraging technology for the betterment of society and the promotion of mental well-being", said Prof. Debabrata Das, Director, IIIT-Bangalore.

“We are pleased to be involved in the development of the Tele MANAS platform since the start of the program. The usage of the platform has steadily increased, with about 1 lakh calls being handled each month. We are now excited to have helped develop the Tele MANAS mobile app, as well as the video calling extension to the platform. It is gratifying to see that such digital solutions can help reach mental health services to people across the country”, said Prof. T K Srikanth, Professor of Practice and Head of the E- Health Research Centre (EHRC), IIIT-Bangalore.

For more information about IIIT-Bangalore, visit www.iiitb.ac.in

Tasva, The Mens Indian Wear Brand, Staged 'BAARAAT By Tasva' With Ranbir Kapoor Leading The Show

In a dazzling display of designer wedding wear, TASVA by Aditya Birla Fashion Retail Ltd in collaboration with ace designer Tarun Tahiliani, hosted an unforgettable fashion show, ‘BAARAAT' by Tasva unveiling its Autumn/Winter 2024 Wedding Collection. The grand event took place on Sunday, 13th October 2024, at the majestic Travancore Palace, New Delhi, and left an indelible mark on all who attended. The evening reached its dramatic conclusion with Bollywood icon Ranbir Kapoor leading the spectacular finale, celebrating the essence of Indian weddings with unmatched style and grandeur.

The ‘BAARAAT' by Tasva, was inspired by the lively and vibrant Indian wedding procession, reimagined as a fashion showcase that spotlighted the groom. The baaraat, traditionally symbolizing the groom’s joyous arrival, was presented in this unconventional and visually stunning fashion show.

Known for his impeccable style and charisma, Ranbir Kapoor perfectly embodied the Tasva man. He closed the show with a magnificent Indian wedding-style baaraat, making it the highlight of the evening. Reflecting on his participation in the event, Ranbir Kapoor shared, "Stepping onto the runway in the BAARAAT collection was an exhilarating experience, celebrating the fusion of tradition and modern flair! Today’s grooms are more than just part of the ceremony; they are the heart of the story. This collection gave them the opportunity to express their individuality while honoring their roots. With its luxurious textures and bold silhouettes, it redefines menswear and ensures every groom’s journey is unforgettable!" 

In addition, the runway was graced by a stellar lineup of personalities who brought their unique charm and style to the event. Rising star Vihaan Samat, celebrated comedian Anubhav Singh Bassi, Michelin Star Chef Suvir Saran and popular digital influencers, Mohak Narang, Manav Chhabra, Unnati Malharkar, and Apoorva (also known as "The Rebel Kid") showcased Tasva's exceptional wedding collection with poise and flair. Each of them embodied the spirit of the modern Indian groom in their own way, seamlessly blending tradition with contemporary style. Their presence added a youthful, dynamic energy to the show, making the 'BAARAAT by Tasva' event a true celebration of individuality and fashion. With their distinctive personalities, they captured the essence of Tasva's ethos, making the event even more memorable for the audience. 

About the Collection

The Autumn Winter 2024 Wedding Collection presents an exquisite array of wedding wear designed for the modern Indian groom. This collection skillfully blends contemporary influences with traditional Indian artistry, drawing inspiration from Romanesque architecture, Baroque opulence, and abstract art. Featuring intricate Shikargah and Phulkari motifs, the collection brings flora and fauna to life with Aari work, mirror work, zardosi embroidery and pearl embellishments.

Featuring contemporary silhouettes like the angrakha sherwani, tailored dinner jackets, and asymmetrical designs, it presents a modern take on tradition. The collection offers a refined color palette, ranging from soft pastels like ivory, gold, lilac, salmon, and jade, perfect for wedding ceremonies, to deep jewel tones ideal for cocktail and mehendi events.

“The great Indian wedding culminates in the actual ceremony and the heart of this is the groom. The modern groom, who comes with joy, modernity, and individuality. My vision blends traditional craftsmanship with contemporary tailoring, ease and comfort for a modern lifestyle, which allows the young man today to express their unique narrative through refined silhouettes and artistry, that they’ve got accustomed to while wearing western clothes. You want Indian clothing to be supremely comfortable. Each piece is not just a clothing to be endured, it is something that’s worn for the most important days, it’s a statement of one’s self, crafted for a significant moment, and we know that the answer is Tasva.”says Tarun Tahiliani, Chief Design Officer, Tasva

Tasva continues to push the boundaries of wedding fashion in India, elevating the groom’s style with every collection. “As a brand, our goal at Tasva has always been to make designer Indian wear accessible to more customers. With our AW ’24 Wedding Collection, we’re thrilled to offer modern grooms a stylish blend of tradition and contemporary flair. We are a brand for new age men who are looking for sophistication & elegance in their occasion wear – and our talented store stylists are always at hand to help each of them look their best. Baarat by Tasva represents the culmination of our teams’ efforts in bringing this proposition alive for the upcoming wedding season & we are very excited to finally host it” says Ashish Mukul, Brand head, Tasva

About Tasva

Tasva, a wedding and occasion wear brand for the modern Indian man, is a brand launched by ABFRL in collaboration with ace couturier Tarun Tahiliani. Tasva is dedicated to offering classy and comfortable Indian wear. With a strong emphasis on craftsmanship and contemporary style, Tasva is redefining Indian wear for the modern man. The brand offers an extensive range of kurtas, kurta bundi sets, sherwanis, Indo-western outfits, footwear, and accessories. The brand's exquisite products are available at exclusive Tasva stores across India and online at www.Tasva.com

About Aditya Birla Fashion and Retail Limited

ABFRL is part of a leading Indian conglomerate, The Aditya Birla Group. With revenue of Rs. 13,996 Cr. spanning retail space of 11.9 million sq. ft. (as on March 31, 2024), it is India’s first billion-dollar pure-play fashion powerhouse with an elegant bouquet of leading fashion brands and retail formats.

The Company has a network of 4,664 stores across approximately 37,205 multi-brand outlets with 9,563 point of sales in department stores across India (as on 31st March 2024).

It has a repertoire of India’s largest brands in Louis Philippe, Van Heusen, Allen Solly and Peter England, established over 25 years. Pantaloons is one of India’s leading fashion retailers.

Company’s international Brands portfolio includes - The Collective, Amongst India's largest multi-brand retailers of international brands and has long term exclusive partnerships with select brands such as Ralph Lauren, Hackett London, Ted Baker, Fred Perry, Forever 21, American Eagle, Reebok, Simon Carter and Galeries Lafayette.

The Company’s foray into branded ethnic wear business includes brands such as Jaypore, Tasva & Marigold Lane. The company has strategic partnerships with Designers ‘Shantanu & Nikhil’, ‘Tarun Tahiliani’, ‘Sabyasachi’ and ‘HouseofMasaba’.

In addition, to cater to the needs of digitally native consumers, ABFRL is building a portfolio of Digital-first brands under its technology led ‘House of D2C Brands’ venture TMRW. TMRW is on a path to building a portfolio of Digital First brands in partnership with founders of emerging brands in the E-Commerce market.

The Company in Sept 2023 completed the acquisition of 51% stake in TCNS Clothing Co. Ltd. TCNS is India’s leading women’s branded ethnic apparel company that designs, markets and retails portfolio of women’s branded apparel across brands W, Aurelia, Wishful, Elleven & Folksong.

Unwrap The Joy Of Riding With Festive Offers By BMW Motorrad India

* Exclusive festive offer on BMW G 310 R and BMW G 310 GS.

* Zero Down-Payment, Zero Maintenance for 3 years, 5 Years of Complimentary Warranty.

* EMI’s Starting from INR 6,999 onwards.

* #MakeLifeARide #BMWMotorradIndia #SpiritOfGS #NeverStopChallenging

BMW Motorrad India is revving up the excitement of this festive season with irresistible offers on the popular G 310 motorcycles. BMW Motorrad promises an unparalleled ownership experience with its festive offers, complete with attractive finance options, comprehensive service packages, and extended warranty. The offer is valid from 15 October to 15 November 2024, exclusively at authorized BMW Motorrad dealerships.

The festive offer for the BMW G 310 R and BMW G 310 GS includes zero down payment, zero maintenance costs for 3 years, 2 years of extended warranty in addition to the 3 years standard warranty and on-road financing.

Comprehensive EMI plans start from just INR 6,999 for the BMW G 310 R and INR 7,999 for the BMW G 310 GS onwards. The EMI cost incorporates ‘BMW Motorrad Service Inclusive’ that covers comprehensive maintenance of the motorcycle for 3 years and provides complete peace of mind. It includes periodic maintenance for 3 years with applicable labor charges.

BMW India Financial Services offers customized and flexible financial solutions for BMW Motorrad. Customers can get their loans approved before delivery takes place. Road-Side Assistance, a 24x7 365 days package is also available for customers which ensures prompt services in case of breakdown and towing situations.

A comprehensive range of original BMW Motorcycle accessories & gears are available for further individualization of BMW G 310 R and BMW G 310 GS.

FlixBus India Partners With S.M. Kannappa Automobiles To Accelerate The Future Of Inter-City Bus Travel In India

·         Partnership focuses on developing advanced, tailor-made bus bodies to enhance passenger experience, safety, and operational efficiency

·         The duration of this MoU stands for a period of one year

FlixBus India, a global travel-tech leader of affordable and sustainable travel and S.M. Kannappa (SMK) Automobiles Private Limited, a pioneer in bus body manufacturing recently signed a Memorandum of Understanding (MoU) at an event held at The Ritz Carlton, Bengaluru. This strategic partnership is aimed at enhancing the mobility experience by combining SMK’s cutting-edge bus body manufacturing capabilities with FlixBus’s technology-driven platform for passenger transport. Over the next year, the collaboration will focus on developing a fully customized FlixBus product tailored to meet the needs of FlixBus India’s operating partners across India.

Commenting on this MoU, Surya Khurana, MD, FlixBus India said, "This thought through partnership with S.M.Kannappa Automobiles underscores our commitment to offer passengers best travel experience while empowering our operating partners with state-of-the-art vehicles. Together, we will not only drive technological advancement, but also be able to efficiently contribute to the transformation of long-distance travel in India."

Vaibhav Narang, Director, S.M.Kannappa Automobiles Private Limited, said, “This gives SMK a great Opportunity to show case the advancements made by Indian body builders. We thank FlixBus India for imposing their faith in the capabilities of SMK to provide a truly global product.”

The MoU sets the foundation for an exclusive partnership to deliver a new generation of FlixBus vehicles, incorporating top-tier quality standards and innovative designs. S.M. Kannappa Automobiles will bring its expertise in manufacturing high-quality, deluxe, air-conditioned sleeper and semi-sleeper coaches.

Key Aspects of the MoU are:

·         Customized bus bodies: SM Kannappa Automobiles will develop a bespoke range of buses exclusively for FlixBus’s operating partners, featuring unique designs, premium comfort, and the latest safety standards.

·         Priority support & services: FlixBus’s partners will benefit from priority order delivery, competitive pricing, and access to SMK’s dedicated service network across India.

·         Technology & innovation: Both parties will work together to integrate advanced technology and digital platforms, ensuring passengers have access to a seamless booking experience while operating partners benefit from optimized fleet management.

As FlixBus India continues its rapid expansion, this strategic partnership with SMK Automobiles is set to play a pivotal role in achieving its ambitious growth targets. Following the successful launch of operations in South India, connecting key cities like Bangalore, Hyderabad, and Chennai, FlixBus India aims to significantly increase its fleet size and expand its network to more regions across India. With an installed capacity of 6,000 units per annum, SMK’s state-of-the-art facilities in Lalbagh, Peenya, Mandya, and Narasapur, Karnataka will support the production of exclusive, high-quality buses for FlixBus’s growing network.  This collaboration will not only strengthen company's operational capacity but also support its mission to offer premium, tech-enabled travel experiences, solidifying FlixBus’s position as a leader in smart mobility solutions in India.

PhonePe Launches New Insurance Coverage For Firecracker Accidents

*     At just Rs 9, PhonePe users can receive a comprehensive coverage of up to Rs 25,000 of Sum Insured for 10 days during the festive season

PhonePe today announced the launch of a new insurance plan, offering comprehensive protection against firecracker-related accidents and providing users with affordable insurance coverage during the upcoming festive season of Diwali. The coverage plan, available at just ?9 (inclusive of GST), provides PhonePe users up to Rs 25,000 comprehensive coverage for 10 days during the festival period to safeguard against any firecracker-related accidents. With this launch, users nationwide can celebrate the festival with security and peace of mind, knowing that in the event of an accident, they are financially protected against hospitalization and accidental death expenses.

Due to firecracker-related injuries during the festive season across the country, PhonePe has introduced this product to combat any potential financial burden against such unexpected events. The Firecracker insurance plan offers 10 days of coverage beginning from October 25th, 2024, at an affordable price of just Rs 9. The plan, which can be purchased under a minute on the PhonePe app, also provides comprehensive family coverage by insuring up to 4 family members, including the user, their spouse, and up to 2 children. If a user makes the purchase after October 25th, then the policy cover will start from the purchase date. This short-term coverage is tailored specifically to the festive season, offering affordable and timely protection to users.

Commenting on the launch, Vishal Gupta, CEO at PhonePe Insurance Broking Services, said, “We are excited to introduce PhonePe’s Firecracker Insurance just in time for the festive season. This coverage offers essential protection for families, ensuring they can celebrate with peace of mind, free from concerns about accidents or unexpected financial strain. Our goal is to make insurance both affordable and accessible, allowing everyone to enjoy the festivities safely.”

Here’s how users can avail the insurance cover on the PhonePe app:

Step 1: First, go to the Insurance section on the PhonePe app & select Firecracker Insurance from the homepage.

Step 2: You’ll now be able to view your plan details, which include a sum insured of Rs 25,000 and a fixed premium of Rs 9 along with your plan benefits.

Step 3: Next, you will be able to view the insurer's information and get a detailed breakdown of the plan benefits.

Step 4: Lastly, fill in the policyholder's details, then tap ‘Proceed to Pay’ to complete the process.

*The “Firecracker insurance” is a descriptive name used purely for illustrative and awareness purposes and forms part of the Group Personal Accident policy underwritten by Bajaj Allianz General Insurance Co. Ltd. (UIN: IRDA/NL-HLT/BAGI/P-P/V.I/151/13-14). PhonePe Pvt Ltd., customers may voluntarily enroll under the said Group Policy. For more details on risk factors, terms and conditions, please read the sales brochure of insurers carefully before concluding a sale.   PhonePe does not encourage firecracker bursting and advises taking all necessary safety measures. Please adhere to the bans/restrictions imposed by the Government/regulators for bursting firecrackers.T&C apply"

About PhonePe Group:

PhonePe Group is India’s leading fintech company. Its flagship product, the PhonePe digital payments app, was launched in Aug 2016. In just 8 years, the company has scaled rapidly to become India’s leading consumer payments app with 570+ million registered users and a digital payments acceptance network of 40+ million merchants. PhonePe also processes over 290+ million daily transactions with an annualized Total Payment Value (TPV) of USD 1.6+ Trillion.

On the back of its leadership in digital payments, PhonePe Group has expanded into financial services (Insurance, Lending, Wealth) as well as new consumer tech businesses (Pincode - hyperlocal e-commerce and Indus App Store - India's first localized App Store). PhonePe Group is an India headquartered technology company with a portfolio of businesses aligned with the company's vision to offer every Indian an equal opportunity to accelerate their progress by unlocking the flow of money and access to services.

For more details: media@phonepe.com

Union Bank of India aAd Zoho Mark Digital Transformation Success With Leadership Meet

* A Landmark Partnership Driving Customer Experience Excellence And Technological Innovation Through Co-Creation

Union Bank of India, one of India’s largest public sector banks, and Zoho, a leading global technology company headquartered in Chennai, have achieved a significant milestone in Union Bank of India’s digital transformation journey with the successful launch and implementation of CRM Edge - an advanced customer experience platform co-created by both the organisations.

At an event commemorating the collaboration at Zoho’s rural hub office in Tenkasi, Tamil Nadu, Union Bank of India's MD & CEO, A. Manimekhalai, and Zoho’s Co-founder and CEO, Mr. Sridhar Vembu, showcased the shared vision and collaborative efforts that drove this transformational journey.

Since its rollout in 2023, CRM Edge has rapidly become the Bank’s primary customer engagement tool and is widely used across the Bank. It has served as a unified system for the Bank’s sales, marketing, and service teams, improving collaboration, data-driven decision-making, and workflow automation. It also streamlined essential qualification checks for eKYC (electronic Know Your Customer) like PAN and Aadhaar validation, and CIBIL checks, ensuring secure and efficient customer verification. Additionally, customer satisfaction scores are collected and tracked via Zoho Survey, which shows marked improvement in customer happiness.

The partnership between Union Bank of India and Zoho began in 2021 after the merger of Andhra Bank and Corporation Bank with Union Bank of India, which significantly expanded its operations. This growth prompted the Bank to modernise its customer engagement strategy by standardising interactions and reducing reliance on its Core Banking System for customer data access. The aim was to enable personalised communication and enhance cross-selling and upselling opportunities. Zoho addressed Union Bank of India’s needs by co-creating CRM Edge, a flexible, scalable platform that seamlessly integrates with the Bank’s complex IT ecosystem and adapts to its evolving business objectives.

After implementing CRM Edge, Union Bank of India has seen significant gains in customer acquisition, retention, and satisfaction, aligning with its long-term growth strategy. The Bank has also been able to automate around 90-95% of customer query processes. This automation streamlines internal task assignments and follow-ups, ensuring that customer queries are efficiently routed and managed by Bank’s internal staff to provide effective resolution. These improvements have significantly enhanced operational efficiency and response times with higher customer satisfaction.

"Zoho’s consultative approach and commitment to our vision have been instrumental in unlocking immense value in our customer experience strategy. This partnership has allowed us to transcend traditional systems and leverage modern technology to better serve our customers," said Ms. A. Manimekhalai, Managing Director of Union Bank of India. "We look forward to exploring new opportunities for collaboration and driving further innovations," she further added.

"We are proud to have partnered with Union Bank of India on this transformative journey. Our platform’s flexibility allowed us to co-create a customised solution that seamlessly integrates with Bank’s IT infrastructure, empowering Union Bank to drive its digital transformation with full control over it technology stack while reducing reliance on external vendors. Together, we are enhancing customer experiences through technology innovation," said Sridhar Vembu, Co-founder and CEO of Zoho Corporation.

The Bank, in its commitment to community development in rural India and Corporate Social Responsibility, contributed to Government High Schools at Melur, Sengottai and SMSS Government Boys Higher Secondary School towards their key infrastructure and sustainability initiatives, such as sanitation improvements and installation of solar power units.

About Union Bank of India

Union Bank of India, with 8500+ Branches, has been in the forefront in offering customised products with very competitive pricing. The Bank has also taken up a lot of digital initiatives to empower its customers with the ease of doing business with the Bank. The Bank has received several awards and recognition for its prowess in Technology, Digital Banking, Financial Inclusion, MSME and development of Human Resources.

Zoho Privacy Pledge

Zoho respects user privacy and does not have an ad-revenue model in any part of its business, including its free products. The company owns and operates its data centres, ensuring complete oversight of customer data, privacy, and security. More than 100 million users around the world, across hundreds of thousands of companies, rely on Zoho every day to run their businesses, including Zoho itself. For more information, visit: https://www.zoho.com/privacy-commitment.html

About Zoho

With 55+ apps in nearly every major business category, Zoho Corporation is one of the world's most prolific technology companies. Headquartered in Chennai, India, Zoho is privately held and profitable with more than 15,000 employees. For more information, visit: www.zoho.com