September 24, 2025

The Indian life insurance scene is heating up, and Shriram Life Insurance is ready to ride this wave with a big smile! Casparus JH Kromhout, the Managing Director and CEO, shared exciting news about their booming growth and ambitious plans to tap into India's mid- and lower-income families. Shriram Life has seen a sky-high jump in business over the last few years — a dazzling 24% growth in FY23, a whopping 39% in FY24, and an even bigger 45% forecast for FY25. They expect this rocket to settle into a steady climb of 25-30% growth by FY26, perfectly on track to hit their goal of a 27% compound annual growth rate from FY22 to FY30. Kromhout says the secret sauce is a mix of smart investment and technology magic. "We have 30 machine learning models running across our business," he says. These models help predict customer behaviors like the chance of policies lapsing or fraud risks, and even who’s most likely to buy insurance. This tech combo supports their hardworking sales team, who keep reaching out directly to people. Early results show good promise: their 13-month policy persistency ratio just crossed 60%, and they're aiming to push it to 70-75%. More and more people understand the importance of insurance thanks to these combined efforts. When asked about the GST rate cut, Kromhout called it "good for customers," but he warned it might squeeze margins in the fiercely competitive insurance industry. To stay sharp, Shriram Life plans to hold off on raising prices and look for cost-cutting measures instead. The company’s partnership with South Africa’s Sanlam Group is rock solid. Unlike many foreign partners exiting the market, Sanlam is not only committed but increasing its stake—investing not just in life insurance but other group ventures as well. Interestingly, Shriram Life is operating with the lowest industry capital at just ₹175 crore compared to ₹1,000 crore+ typical in private firms. Sales channels are buzzing too! The agency channel and venue campaigns are booming. Here, people get invited to learn about life insurance in a friendly setting. Plus, the direct-to-customer route and upselling to Shriram Group’s transport finance customers contribute about 40% of their business. Though bancassurance isn’t their prime channel, they’re gaining ground, especially among mid- and low-income groups who haven’t been well served till now. Shriram Life aims big with a clear mission: to bring life insurance to all, especially families earning ₹5-15 lakh yearly. Their average premium stands near ₹30,000, much lower than the industry’s ₹1 lakh, making these safety nets affordable for many. To sum it up, Shriram Life Insurance is gearing up with tech power, strong partnerships, and a heart for ordinary families. As CEO Casparus Kromhout says, "We want to be the company that takes insurance to all." Looks like the future is bright for millions of Indians ready to secure their families’ futures with life insurance.

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Tags: Shriram life insurance, Casparus jh kromhout, Life insurance growth, Mid-income segment, India insurance market, Insurance technology,