Reliance Capital Limited (RCL) is a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India under section 45-IA of the Reserve Bank of India Act, 1934. RCL was incorporated as a public limited company in 1986 and is now listed on the Bombay Stock Exchange and the National Stock Exchange (India)
With a net worth of over Rs 3,300 crore and over 165,000 shareholders, RCL has established its presence as a leading player in the financial services sector in the country.
RCL ranks among the top 3 companies in the private financial services and banking sector in the country, in terms of net worth.
RCL sees immense potential in the rapidly growing financial services sector in India and aims to become a dominant player in this industry and offer fully integrated financial services
At Reliance General Insurance, we identify Quality and Customer-focus as our key strategic initiatives. Our Quality roadmap, strictly aligned with our business priorities, is benchmarked to the best contemporary global practices, and is designed to support our single-minded objective of maintaining world-class quality standards.
Our quality system deployment, defined from the point of the view of our customers, is to enhance customer experience at all the touch points. As part of this initiative, every business processes in the organization is identified, documented, automated and deployed. These processes are further monitored continuously through their compliance scores and dashboard measures and reviewed by the Senior Management team within the organization.
In fact this passion has taken us one step ahead. We are pleased to share the recognition of our Quality Management System by reputed global quality standards auditing organization – Det Norske Veritas (DNV), which has awarded us the ISO 9001:2000 certification. The certification conforms our adherence to design, development & sale of General Insurance product offerings to meet customer needs and in line with 'IRDA regulations'
What does the ISO 90001: 2000 certification mean to our Customer?
Streamlined processes and proceduresReliance General Insurance has established well-defined and documented process and to help understand our Customer’s requirements and address them to their satisfaction. Superior Service StandardsOur unwavering commitment to excellence ensures prompt and correct documentation while maintaining transparent & speedy claims settlement .
Operations
To achieve business success by improving operational efficiencies, Reliance General Insurance realizes the need to tighten up and streamline both channel partner relationships and back office operations. The brokers and channel partners are the interface to end customers. They play a vital role in helping sustain existing customers as well as attract new customers through better and diverse services. So it is imperative that we are well connected with brokers / channels partners as well as meet their needs. Improvement in back office operations can happen if policy production and billing are automated; overall claims expenses are reduced, and claims settlement is made faster.
To be successful at doing this, we need to nurture both parts of the solution equation, that is, creation of solution-oriented strategy and deployment of solution-based scalable technology that enables meeting of strategic goals laid out as part of our enterprise strategy. In the current scenario many insurers either rely on manual methods or custom coded solutions that lack strategic approach to address their business needs. Manual execution of their crucial operations leads to many errors that occur in documents passed from insurers to brokers or ceding companies to reinsurers, which results in lengthy settlement cycles. While custom coded interfaces are developed to meet a certain set of needs only. They are not scalable so cannot meet changing needs and require recurring IT investment to keep them in use.
Reliance General Insurance Co. Ltd is in the process of rolling out a 'Centrally controlled, Decentralized delivery' operations structure to ensure speedy processing and service while maintaining predictable and strict quality control.A solution is also being developed to offer strategic value through systematic design and deployment of BPM and integration technologies. The solution will address volatile situations, and shall be a scalable and reusable solution. It would help meet the challenge of operational costs saving while enabling us to exploit business expansion opportunities.
Technology
The IT strategy aims to integrate the business and IT visions and has been an important instrument in facilitating the dialogue between the IT community and the business leaders across the Company. The importance of planning, in this fast-paced environment, has never been more critical. The technical and business segments have worked closely to identify the impact of external drivers, clarify the business needs, and ultimately determine how IT can best help in achieving the business goals.
Our Customers form the centre piece of the business architecture and rightly so, be the focal point from a technology perspective as well. Our endeavour shall be to provide easy, consistant and instant access of relevant information to customers across multiple channels and touchpoints. All our technology initiatives shall be geared towards this objective.
The Company recognizes that the security of information requires an ongoing commitment. Towards this end a security program would provide a continuous cycle for assessing risk, developing and implementing effective security procedures, and monitoring the effectiveness of those procedures. We want to guarantee the reliability, confidentiality and availability of critical information. To that end, we will continue implementation of our strategy for enhancing information security management controls.
We are in a challenging environment, dealing with all the changes in technology, the insurance industry, the IRDA regulations and the workplace. The expectations of what information technology (IT) can do to benefit the business and its customers continue to grow. We've been working hard to provide day-to-day IT services, while keeping our eye on where the Company is headed strategically, and also transforming the IT organization to meet future requirements.
