PowerPoint Presentation

[Audio] Warm Wishes and Greetings for the day to respected Session Judges. Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution. Max Life has built its operations over two decades through a need-based sales process, a customer-centric approach and trained human capital. As per FY2021- 22, Max Life has achieved a gross written premium of INR 22K Crore with INR 1.07 Lac Crore of assets under management ( AUM) and Enforced a Sum Assured of INR 11.74 Lac Cr We are grateful to IMC Ramakrishna Bajaj National Quality Award Trust to shortlist Max life's Sankalp in Annual MQH Best Practices Competition..

[Audio] Now Let's understand what was the need to adopt SANKALP as Best Practice? While brainstorming on the finance functional strategy for FY 21- 22 and bases feedback received in Internal Voice of Customer Survey, we identified that apart from regular system enhancements (which normally involves high cost, time & efforts), we had an opportunity to bring the cultural transformation along with mindset shift among the team towards Digitization, Innovations, Simplicity & Speed using various smart low cost automation tools. Hence, project SANKALP was identified as best practice which is already being adopted by many organizations across the Industries in this digital era. Why it is a Best Practice? SANKALP was identified as best practice because of four major reasons: It Makes the Organization future ready with required Skills and technology in this Digital era Results in bring the cultural transformation and shifting team's Mindset towards digitization Digitize, Automate and Standardization of finance processes releases team bandwidth from Non-Value added manual/repetitive task Creates additional capacity to do alignment with Business Strategies with focused approach on innovation, collaboration, and interacting with stakeholders & customers.

[Audio] Under Sankalp (Each one simplify one) we automated Nineteen high and medium impact processes leveraging various smart automation tools like UiPath- RPA, ACL, Selenium, Java Scripts, VBA Macros etc. One point to highlight is that ~ 50% of automation was done by citizen developers with following sustainable and Disruptive Result Achieved Created the additional capacity of 1600 man-days PA 25 Lac of annual transaction Processing cost nullified On an average more than 85% Turn Around Time got reduced across all 19 automations Cost of development and future maintenance is almost nil Team can now focus more on analysis, innovation, collaborating and interacting with customers & stakeholders Employee engagement score enhanced by 2% Process accuracy, control and compliance enhanced up to 100[break]% Processes are now person independent In addition to annual saving of 1600 Man-days, there are other tangible benefits too like Enhanced Control & Reporting, Enhance Policy Holder and Agent Experience, Cost Saving of 30 Lac PA, Early Closure of Books of accounts by 7 days etc Another disruptive benefit is to overcome the fear of human knowledge retention/ knowledge transfer and Bot Monitoring. For this Al Process SOPS were reviewed consisting Process design documents along with automation coding for future references BOTs over BOTs were implemented on critical processes.

[Audio] Now coming on to the Development and Deployment of SANKALP, as we know lot of efforts required for any big transformation and it is surely not an easy task, here also there were many challenges. However, here, will like to highlight top three challenges and how we overcome the same: First and foremost, challenge was to Find the Used cases and opportunities for automation. For this lot of Trainings & Workshops were conducted on various topics with all finance seven sub function like – How to think towards innovation? How to find the digitize/automated solution of any complex process? How to achieve the Growth Mindset? Second challenge was, we being the core finance team are expert in numbers, Dr-Cr, financials, cost etc but most of the times we lack in Technical Expertise. In order to prove us wrong we Upskill our existing finance team & initially created four citizen developers to kick start our intelligent automation journey and later we target to Upskilling other team members to ensure Max Life finance team is ready for future Third Big Challenge was Lack of Automation Mindset within team: We strongly believe that process transformation and automation is the BI-product if we have growth mindset team. To overcome the same, we took three Big steps for the success: No1: Worked very closely with all finance leaders and aligned them to motivate respective team members to take pledge to at-least Simplify one process No2: To Leverage the same, we Launched Project Sankalp (with tag line of …. Each one Simplify one) No3: To keep the motivation level high amount team we introduce Reward and recognition by CFO on completion of every Sankalp process automation Gradually and Finally we ended the FY 21- 22 with 19 high and medium impact process automations by deploying digital workforce replacing humans using various intelligent automation tools like ACL, Java / Selenium Utility, VBA Macros, UiPath with larger impact across all finance sub functions: Taxation, Accounts Payable, Banking, collection, compensation, Financial Reporting & MIS.

[Audio] Post deployment it is very critical to monitor the effectiveness of RPA implementation Deployment of nineteen smart automations were done to simplify process, streamline workflows, eradicate repetitive/non-value add activities and automate the manual task to make organizations more profitable, flexible, responsive and accurate It increases employee satisfaction, engagement, and of course the productivity All automation are structural changes which are permanent in nature and Finance function is reaping consistent benefits We deployed the Robots over Robots and ensure process continuity every day Moreover, Utilization of annual Man-days Saving with this project is given on right side of the slide 274 Man-days released leading to tangible benefit of recurring 25 Lac PA 200 Man-days efforts were redeployed to different function 900 Man-days efforts are now being utilized for additional value added activities like but not limited to Deep analysis, Collaboration in line with Business strategy, interacting with stakeholders & customers etc Last but not the least is the release of 211 Man-days from Overburden / stress. This aspect is very important specially for the organization like Max life which believe in its people and is among top 20 best place to work in India.

[Audio] Thank You once again to Jury and Session Judges for Listening us Patiently, its time for Questions and Answers.