Star Union Dai-ichi Life Insurance, founded in 2009, celebrates 15 years of success in 2024. This joint venture combines two of India’s largest public-sector banks — Bank of India and Union Bank of India — with Dai-ichi Life Holdings, one of Japan’s leading life insurance companies. Each of the three entities has over 100 years of history, the combination of which has created a solid foundation for growth and innovation in the insurance sector.
“The synergy lies in combining Dai-ichi Life’s global expertise in areas like product design, risk management and claims assessment with the extensive customer reach of our Indian bank partners,” Abhay Tewari, CEO of SUD Life, said. “This partnership leveraged the banks’ extensive networks of 19,000 branches and Dai-ichi Life’s global expertise in product innovation, risk management and financial strength.”
The combination of banking reach and global insurance expertise has enabled SUD Life to establish a robust distribution network across India, reaching customers in even the most remote areas — a key factor in the company’s success.
“Rural penetration is a cornerstone of our strategy, enabled by our promoter banks’ extensive branch networks and partnerships with regional rural banks. We also offer insurance purchase and premium payment options via WhatsApp and UPI (Unified Payments Interface), making the process simple and accessible,” Tewari said.
The company is also a major player in the government’s Pradhan Mantri Jeevan Jyoti Bima Yojana initiative, covering over 15 million lives.
But SUD Life’s success also lies in its forward-thinking approach to technology. While India’s infrastructure still faces challenges, the company has utilized cutting-edge digital solutions to improve customer engagement.
“We’ve prioritized customer-centric digital solutions. For instance, our You Matter health app provides policyholders with features like stress level monitoring, yoga sessions and doctor consultations — all for free. The aim is to engage with customers more meaningfully and improve their overall well-being,” Tewari said.
Strong financial backing from our promoters and robust reinsurance support have ensured we remain financially stable and capable of meeting all policyholder obligations.
Abhay Tewari, Chief Executive Officer of Star Union Dai-ichi Life Insurance
The company’s product offerings cater to a wide range of customer needs, including protection, health, critical illness and pension plans.
“Strong financial backing from our promoters and robust reinsurance support have ensured we remain financially stable and capable of meeting all policyholder obligations,” Tewari said.
Looking ahead, SUD Life plans to expand its product offerings for women, senior citizens and rural populations while ever evolving with technology and integration of artificial intelligence.
“We aim to leverage generative AI to enhance communication in regional languages and further personalize experiences,” Tewari said. This commitment to innovation ensures that SUD Life will remain at the forefront of India’s insurance landscape, poised for continued growth.
