Reliance Life Insurance Company (RLIC), a part of Reliance Capital Limited, today announced that it has received the D L Shah National Award on Economics of Quality from Quality Council of India (QCI) for the lean six sigma project reduction in branch operating expenses.
This was announced by Mr. Malay Ghosh, President and Executive Director, Reliance Life Insurance.
The award was presented to the Reliance Life Insurance team by Mr. Subodh Kant Sahay, Minister of Tourism, and Mr. Arun Maira, QCI Chairman and Member of Planning Commission, at the 7th National Quality Conclave of Quality Council of India in New Delhi recently.
The QCI-DL Shah Award has been instituted with a view to demonstrate that bottom-line benefits can be achieved through quality initiatives. The award also recognizes successful projects in an organization that have linked quality initiatives to real-term financial gains and competitiveness.
Commenting on the achievement, Mr. Ghosh said, ‘Quality has been adopted as a way of life at Reliance Life Insurance. We are honored to have won this recognition from a prestigious organization like the QCI for our continuous efforts in efficiency and productivity enhancements through application of Quality Management Practices.
Reliance Life Insurance, which has been using the lean six sigma methodology to address various business complexities in a structured manner for over three years now, has achieved a significant cost saving of Rs. 37.5 crore by applying quality management initiatives and involving employees across the organization in the process.
Mr. Ghosh said reduction in branch-related expenses, which is one of the important components of the company’s overall operating expenses, has been instrumental in RLIC’s strategy of pursuing profitable growth.
Quality Council of India is an autonomous non-profit organization set up jointly by the Government of India and the Indian Industry represented by the three premiers Industry Associates- ASSOCHAM, CII and FICCI. The award acknowledges companies that apply quality initiatives resulting in service improvements.
