SBI Life Insurance, a leading life insurer, has announced the launch of SMS Solve, a first of its kind initiative in the insurance industry allowing customers to resolve their grievances in simple, paperless and faster manner.

The new initiative enables customers to easily access SBI Life round the clock and register their grievances about the service by sending an SMS ‘SOLVE' to 56161. The message along with the customers' mobile number, date and time would be registered at the central processing centre. This would be followed by a call within 24 hours to the customer from VCare cell, a cell with personnel exclusively trained for the SMS service, which takes note of the grievance and addresses it.

“If the grievance could not be addressed across the line, the cell will take it to the higher level and customers will receive intimation in 48 hours,” SBI Life Managing Director M. N. Rao said.

The Insurance Regulatory and Development Authority Chairman, J. Hari Narayan, formally launched the service and interacted with the VCare cell in the presence of SBI Managing Director and Group Executive Director R. Sridharan. He described the new service as an excellent beginning by SBI in enhancing the mechanism to better deal with the customers.

SBI Life, which leads with a market share of 19.03 per cent among private insurers and a total market share of 5.09 per cent, posted a net profit of Rs.217 crore during the first-half of the current financial year, up 87 per cent over the corresponding period last year, and the company's new business premium surged to Rs. 3,173 crore, registering 30 per cent growth. SBI Life's assets under management grew to Rs. 34,406 crore.

More In: Companies | Business