SuryaJyoti Life emerged through Nepal’s first and historic merger between two successful life insurers, Surya Life Insurance Co. Ltd. and Jyoti Life Insurance Co. Ltd and commenced joint operations on Dec 22, 2022. The synergy generated and capitalized through the amalgamation has transformed SuryaJyoti Life into one of the largest life insurers in terms of Capital Base, Total Investments, Life Fund, Branch Outlets, Agency Network and Policyholders.
Surya Life with an operational history of over 15 years was one of the most successful companies of its generation. Over a decade and half, Surya Life aggressively expanded its distribution channel across Nepal and successfully acquired a healthy market share. Jyoti Life insurance had been in the market for only 5 years yet established itself as one of the fastest growing life insurers with unique product offerings and created a robust operational foundation capable of both, processing higher business volumes and minimize associated risks.
SuryaJyoti now has 200+ full-fledged branches capable of rendering complete plethora of services to its policyholders and agents. The company is also ISO 9001:2015 certified thus adhering to international best practices for prudent management. SuryaJyoti has some of the unique product offerings in life insurance industry of Nepal and provides the most extensive Critical Illness Coverage covering 35 various critical illnesses for a coverage of up to Rs. 5 Million.
The company has NepalRe, Himalayan Re and HannoverRe as reinsurance partners. NepalRe is the largest reinsurer in Nepal with substantial stake owned by Government of Nepal and HannoverRe is an internationally renowned reinsurer standing among Top 3 reinsurers globally. SuryaJyoti is hence able to diversify the risk concentration and secure best of both through this strategic partnership for reinsurance arrangement.
The company uses SiddhiLife as the core software underpinning its operations. SuryaJyoti has additionally developed various peripheral services such as innovative mobile app rich in features, comprehensive reporting tools, online payment integrations, workflow and tracking platform capable of tracking turn around time, Chatbot for enhanced queries management with the use of Artificial Intelligence, comprehensive Call Center service capable of retaining customer engagement history and many more.
The company also takes pride in its diverse list of promoters. The promoter group consists of individuals from diverse business backgrounds including manufacturing, trading, and financial sector and institutions with strong brand value and presence.