Reliance Life Insurance wins national award

New Delhi, June 6 (IANS) Reliance Life Insurance Company, a part of Reliance Capital, Wednesday said it has received a national award from the Quality Council of India (QCI) for reduction in branch operating expenses through the use of new technologies.

Minister of Tourism Subodh Kant Sahay presented the D.L. Shah National Award on Economics of Quality to Reliance Life Insurance Company at the 7th National Quality Conclave of Quality Council of India here recently.

"Quality has been adopted as a way of life at Reliance Life Insurance. We are honoured 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," Malay Ghosh, president and executive director of Reliance Life Insurance said in a statement.

The company has received the award for using lean six sigma methodology.

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 organisation in the process.

The Quality Council of India - D.L. Shah Award has been instituted with a view to demonstrate that bottom-line benefits can be achieved through quality initiatives.

The award also recognises successful projects in an organisation that have linked quality initiatives to real-term financial gains and competitiveness.