Governance
At SBI Life, we believe that true empowerment stems from the synergy of trust and responsible governance. Driven by our overarching objective to empower lives and create a meaningful world for our stakeholders, we embrace a governance framework built on integrity, excellence, and ethical practices.
Governance approach
SBI Life is governed by three principal groups i.e. Shareholders, the Board of Directors, and the esteemed Senior Leadership Team (SLT). Together, they forge a collective commitment to uphold our core values and embody the highest standards of corporate governance.
Embedding core values and ethical conduct
With multiple open communication channels, educational programmes, and targeted initiatives, we nurture a culture to stay true to our core values that will help us realise our vision. In addition, we prioritise ethical conduct through contracts, policies, and practices that govern our interactions with vendors, suppliers, and employees.
Provide information which is clear & concise in addition to having simple processes which are effective and easy to understand
Customer Self Service application, Mobile applications for Partners-Smart Advisor, SAATHI, Workflows, Process Automation; Online Insurance, Transparency in disclosing to regulatory authorities/shareholders
Curious & open to learn from anyone & anywhere because we believe in introspection & continuous improvement
Net Promoter Score (NPS) measurement, Going Extra Miles (GEM), Balanced Score Cards; Friday Pathshala (Open Topics-Training Initiative); Trainings for Top Executives (Senior Leadership Team)
Honest, open, fair & will always follow sound ethical principles
Sales Quality Score (SQS), Claims Review Committee, Complaints Root cause Analysis (RCA) & Review, Well Defined Grievance Policy, Townhall, Learning through Excellence and Performance (LEAP)
Bring new ideas to life with an intention to improve, customise and stay relevant
All Ideas Matter (AIL), Innovation KPL (Knowledge Premier League) contest, Digi Lab
Work with selfless concern towards long-term well-being and welfare of our community
CSR Committee-led activities, Digital Platforms and push for digitalisation (Planet Friendly)
Governance structure
We understand that good governance is essential for building trust and maximising corporate value. Our governance structure, aligned with our purpose and objectives, ensures long-term stakeholder value. We foster strong management and trusted relationships through transparent processes, responsible practices and comprehensive risk management.
Corporate governance guidelines
We continuously enhance our corporate governance standards to deepen public trust and enhance stakeholder respect. Our Board of Directors establishes a robust framework that empowers directors and senior management to pursue our objectives with utmost responsibility. We uphold compliance with laws, regulations and policies while promoting transparency, independent oversight and timely disclosure of material information. These policies are formulated/developed in accordance with all the applicable laws, regulations and requirements.
Appropriate composition, size of the Board and commitment to adequately discharge its responsibilities and duties.
Transparency and independence in the functions of the Board.
Maximum disclosure of information to the Board and its Committees for focused and meaningful discussions in the meetings.
Operating in a sound system of internal control and risk management with a thrust on integrity and accountability.
Independent verification and assured integrity of financial reporting.
Timely and adequate disclosure of all material information to all stakeholders.
Compliance of applicable laws, rules, regulations and guidelines.
Fair and equitable treatment of all its stakeholders including employees, vendors, policyholders and shareholders.
