Star Union Dai-ichi Life Insurance (SUD Life), a joint venture between two of India's leading public sector banks, Bank of India and Union Bank of India, and Dai-ichi Life Japan is honored with Golden Peacock award from Institute of Directors for Corporate Governance under insurance industry category. The distinguished Jury was chaired by honorable 25th Chief Justice of India, M. N. Venkatachaliah.
SUD Life, a 13-year-old and one of India's fastest-growing life insurance companies, broke even and made a profit in its sixth year of business, with a claim settlement rate featured in the top quartile. With more than 100 years of proven track record of value creation, strong governance and market conduct of its promoters this year SUD Life is also the third largest contributor to the government initiated affordable life insurance cover programme "PMJJBY" scheme for covering more than 10 million lives in the current fiscal year.
Insurer has a long-term commitment towards its people, customers and all the stakeholders. It has taken various initiatives to build the organization which values trust & transparency, ethics & integrity, responsibility and accountability over everything else. This is also expressed in their values of Empathy, Collaboration, Humility & Ownership or (ECHO).
"This second Golden Peacock award in the area of Corporate Governance is a great recognition of efforts of SUD Life over the last few years. This award also inspires our people to keep giving their best and to keep striving for the great governance practices in all the years to come" said Sreemaya Athikkat - Head Legal Compliance and FCU, Star Union Dai-ichi Life Insurance.
In consonance with the Clean India Mission, SUD Life is also actively involved in building a Maintenance Monitoring System for Community Toilet (CT) and Public Toilet (PT) blocks in Mumbai, which will be accessible to all stakeholders 24x7. The project will help improve sanitation and health of community members and ensure cleaner cities.
Star Union Dai-chi Life Insurance, headquartered at Navi Mumbai, is a joint venture between two of India's leading public sector banks, Bank of India and Union Bank of India, and Dai-ichi Life Japan, a leading life insurance company in Japan.
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( With inputs from ANI )
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