The amount was handed over to support the group´s activities in health, education and community development. Resta Jha, CEO of Prime Life, handed the amount to Suku Kumari Gurung, chairman of the group, amidst a program. [break]
With this initiative, Prime Life has carved a niche for itself in the insurance market and has proved that it is one of the prominent and socially responsible companies in the Nepali insurance sector.
It has also proved that insurance is for social security by ensuring security to the rural folks. The company is also one of the first among life insurance companies to come up with heavy investment in marketing its cause and products in a diverse way.
Jha told myrepublica.com that its massive branding campaign has brought overwhelming popularity and increasing profit to the company.
“We handed over the amount as a part of our initiatives for sustainable CSR activities. Though many companies are involved in CSR activities, only a few are able to invest in project that gives long term gains,” Jha said, adding, “This activity of ours is expected to give return to society and the company in the long run.”
Jha further added that they came up with this investment idea after a rigorous in-house study. “Thorough our CSR activities, we will be able to make profit as well as increase our memberships by giving back to the society at the same time,” Jha informed.
The concept of corporate social responsibility is gaining much prominence in Nepali corporate house in recent years and banks and big corporate firms have turned out to be the major players in terms of CSR activity.
At a time when CSR activity is necessarily evolving as major tool for a progressive business, Prime Life is possibly the first insurance company in the country that has been able to redefine the insurance concept by giving back to the society not just by getting people insured but also by investing in social causes.
Prime Life believes that business plays a key role in job and wealth creation and CSR is one of the ways though which a company maintains a balance between economic, environmental and social imperatives while at the same time addressing stakeholders´ expectations, the company said in a statement.
“We will also be educating people in rural areas about the importance of insurance and will be regularly monitoring to ensure that the money we have provided is put into effective causes in the right way,” Jha elaborated.
Jha said this is just the beginning of the series of social activities the company will be taking up in the future. Through the gains achieved through this social cause, the company plans to expand its arena of CSR by reaching to many remote parts of the country.
“We will be responding to interrelated economic, societal and environmental demands in the marketplace through many such activities in the long run,” he added.
Prime Life Insurance, which was established with the investment of Rs 700 million, has so far issued over 225,000 policies and collected more than Rs 650 million as premium.
The company created a buzz by earning a net profit of Rs 56.7 million in the very first year of its operation, which is considered a remarkable achievement for insurance companies in the country.
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