Source: Mail Today

After buying a 26- per cent stake in Reliance Life Insurance for Rs 3,062 crore, Japanese insurance behemoth Nippon Life Insurance is set to share its resources and expertise with its Indian partner for enriching customer satisfaction with best practices, expanding its reach and diversifying the product portfolio. “We have gathered experiences, know- how and best practices in Japan. Now, it’s our turn to share the experience and we want to contribute to the growing, developing markets like India through our partner Reliance Life Insurance,” Yoshinobu Tsutsui, president, Nippon Life, said in an email interaction. As strategic partners, Nippon Life and Reliance Life Insurance are in touch with each other on best global practices in areas of customer relationship management, product development and distribution. Reliance Life Insurance, which sold over one million policies in 2011- 12, has recorded its first full- year net profit at Rs 373 crore for the fiscal ending March 31, 2012, and garnered a total premium of Rs 5,498 crore in the last financial year.

For the Japanese insurance firm, services it provides to customers are important. “ We make it a rule that our sales people visit every customer at least once a year periodically... That’s why we are focussing on this customer service activity. I am not saying we are satisfying the customer 100 per cent, but we would like to reciprocate this kind of experience or initiative that we have been trying to do at Nippon Life also at Reliance Life,” Tsutsui said.
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