On this pageQuoting systems Consolidation prize

Proposal & Underwriting 360

Six proposal & illustration systems, one pipeline — federated conversion, pricing discipline and issuance velocity, and the value lost to off-platform quoting.

SBI Life Insurance Company Limited · FY26 (Mar'26, audited anchor)

India's #1 private life insurer by Individual NBP (25.5% private share) & IRP (22.9%)

29,344 employees · 1230+ own offices · 9 bancassurance partners

▲ Executive read· the answer, then the moves

Bringing the 2 off-platform quoting tools onto the governed illustration engine recovers ~₹1,203 Cr on proposals SBI Life already quotes — ₹34 Cr of pricing leakage plus ₹1,169 Cr of conversion uplift. The off-platform tools convert less and price more off-tariff, with no central pricing governance.

3 of 4 headline metrics improving vs prior · still off target: Annualized Premium Equivalent (APE) ₹24,270 Cr vs ₹27,670 Cr, New Business Premium (NBP) ₹42,550 Cr vs ₹46,000 Cr, Profit After Tax (PAT) ₹2,470 Cr vs ₹3,200 Cr

Do now — ranked by urgency

1
Stop the ₹34 Cr pricing leakage on off-platform toolsWatch
Why it matters
Off-platform tools price at 5% off-tariff vs the governed 4% — recovering ₹34 Cr of margin on the proposals they already convert, no new selling required.
What's driving it
Off-platform discretion 5% vs governed 4%
₹7,000 Cr of off-platform proposals off governed pricing
FYI
Affected tools: broker portal, Bima Sugam adapter (2 systems)
Owner: Actuarial / Pricing
Govern pricing →
2
Lift off-platform conversion to capture ₹1,169 Cr of premiumOpportunity
Why it matters
Bringing off-platform conversion from 33% to the governed 50% on ₹7,000 Cr of proposals adds ₹1,169 Cr of premium.
What's driving it
Off-platform conversion 33% vs governed 50%
Cycle 2d slower off-platform
FYI
4 governed engines already run STP underwriting
Owner: Distribution / Sales Ops
See systems →
3
Standardize everyone onto the governed illustration engine — ₹1,203 Cr prizeOpportunity
Why it matters
One tariff and STP underwriting workflow recovers ~₹1,203 Cr combined and flips these channels from estimates to policy-grain actuals.
What's driving it
₹34 Cr pricing + ₹1,169 Cr conversion = ₹1,203 Cr
2d faster quote→issue on the core engine
FYI
₹1,10,290 Cr of open proposals federated across 6 systems
Owner: Distribution / Sales Ops
Plan migration →

📈 Distribution reach (banca & agency)Step 3 of 6 · proposals & underwriting across products◀ Channel & Customer 360 Persistency & Renewals 360 ▶All journeys

🌐 Enterprise 360 modules· on Proposal & Underwriting 360Browse all 31 views ▾

✅ Todayyour decision queue 📨 Activity & Digestaudit trail · @mentions 🧭 360 Directoryall views by persona 🗺 Guided Journeyspersona flows · step-by-step 🛰 Control Towercommand center 🎯 Strategy & Goals4 pillars · OKRs 💎 Value Creation Planshareholder value · valuation 🤖 AI Agentsrecommend & act 🌐 Enterprise 360the consolidated pane 📈 New Business & APE 360funnel · forecast 🛰 Market & Industry Intelsignals · growth initiatives 🏛 Company Hierarchyorg · segments · entities 🗂 Distribution Roll-up 360zone · segment · office 📍 Distribution Network 360offices · zones · reach 👥 Channel & Customer 360channels · cross-sell 🧩 Channel Mastergolden record · MDM 🧾 Proposal & Underwriting 360proposals by product 🔄 Policy Lifecycle 360lead → issue → renew 🔁 Persistency & Renewals 360renewal book · persistency 🔧 Onboarding & Issuance 360issuance · new-business delivery 👷 Workforce 360distribution force · activation 🏷 Products & Segments 360products · margin journey 🧩 Programs & Digital 360PMO · workstreams · go-live 🤝 Growth & Capital 360initiatives · capital · ROI 🚪 Embedded Value & ReturnsEV · solvency · returns 🚚 Cost & Reinsurance 360commission · reinsurance · IT 💰 Finance 360P&L · segments 💵 Cash 360collections · premium · treasury 🧬 Ontology & Meshlogical layer · data products ▤ Evidencedrill-to-record · export 🩺 Data Healthfreshness · lineage

↗ Where this connects — act / drill across

🔄Policy Lifecycle 360· where the proposal goes — to first premium 📈New Business & APE 360· proposals feeding the funnel 🧩Programs & Digital 360· migrate legacy illustrators onto the new PAS 👥Channel & Customer 360· who you're quoting

● LiveBuilt forDistribution / Sales Ops· one pipeline, one conversionActuarial / Pricing· stop off-tariff pricingChannel heads· proposal→issue velocity by system

Each channel still quotes in its own system — the banca illustration & login engine, the agency portal, direct/online quote-&-buy, group underwriting, plus off-platform broker and Bima Sugam adapter tools. Federated, they total ₹1,10,290 Cr of open proposals; but the off-platform quoting tools convert less and price more off-tariff, with no central pricing governance. One view shows where the value leaks.

Data backing: quote_system (per-system proposals, premium, conversion, pricing discretion, cycle) · illustration-engine federation

Quoting systems

across channels

4,342,000

Open proposals

₹1,10,290 Cr premium

49%

Blended conversion

by ₹ value

Avg pricing discretion

off tariff

Avg quote→issue

cycle time

Federated pipeline

Every quoting system, one table

Governed illustration engines (on-tariff pricing) vs standalone off-platform ones — note how conversion falls and pricing discretion/cycle rise off-platform.

Quoting system	Segment	Proposals	Premium	Conversion	Pricing disc.	Cycle	Status
Banca illustration & login engine (SBI CRM)	ULIP (Unit-Linked)	2200000	₹61,000 Cr	55%	3%	8d	Integrated
Agency portal (mSmart / illustration)	Protection & Group	1400000	₹29,000 Cr	42%	5%	10d	Integrated
Group underwriting & quotation	Protection & Group	12000	₹9,000 Cr	48%	8%	21d	Integrated
Broker & corporate-agent portal	Non-Par Savings & Annuity	90000	₹5,000 Cr	35%	6%	12d	Standalone
Direct / online quote & buy	Non-Par Savings & Annuity	600000	₹4,290 Cr	30%	2%	2d	Integrated
Bima Sugam marketplace adapter	ULIP (Unit-Linked)	40000	₹2,000 Cr	28%	4%	6d	Standalone

Governed illustration engines (4)

₹1,03,290 Cr of premium · 50% conversion · 4% pricing discretion. Governed pricing & STP underwriting.

Standalone off-platform (2)

₹7,000 Cr of premium · 33% conversion · 5% pricing discretion · slower cycle. No governance — the broker portal and Bima Sugam adapter.

The consolidation prize

Move everyone onto the governed illustration engine

Bringing the off-platform quoting tools to STP discipline is worth real premium on proposals SBI Life is already quoting.

Pricing leakage recovered

+₹34 Cr

If off-platform tools priced at the governed 4% discretion instead of 5%, on the proposals they already convert.

Premium from conversion

+₹1,169 Cr

Lifting off-platform conversion from 33% to the governed 50% on ₹7,000 Cr of proposals.

Faster issuance

−2d

Off-platform proposal→issue cycles run far longer; one illustration & underwriting workflow shortens time-to-issue and frees capacity.

The move: migrate the broker portal and Bima Sugam adapter onto the governed illustration engine with one tariff and STP underwriting workflow. It recovers ~₹1,203 Cr combined, and — like the customer master — it's the same standardization that flips these channels from estimates to policy-grain actuals everywhere else in the cockpit.