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Bajaj Allianz Life to focus on enhancing insurance adoption within Indian and NRI customers

Bajaj Allianz Life Insurance

Ludhiana, October 02, 2023 (News Team)
: Bajaj Allianz Life Insurance, one of India’s leading private life insurers, strengthensits footprint across India and particularly in the northern market to better serve diverse insurance needs and tap into new customer segments. With a focus on Indians as well as theNon-Resident Indian (NRI) diaspora from Punjab and Chandigarh, Bajaj Allianz Life Insurance offers a range of value-packed products to enable all customers secure their families, building wealth, and establishing enduring financial security for the future. These are backed by tech-enabled servicing options, to ensure customers’ Life Goals journey with the Company is effortless, effective, and seamless.

Speaking with the media in Chandigarh, Dheeraj Sehgal, Chief Distribution Officer – Institutional Business,Bajaj Allianz Life Insurance, said, “Today, Bajaj Allianz Life has a strong presence across the country through its own 503 branches, over 1,31,743 agents and branches of out partners. I’m happy to share that we are becoming partners of choice for banks, financial institutions, and customers alike, by offering innovative products with first-of-their kind features, innovative services and solutions. Along with the Indian customers, we are equally aligned to deliver to the needs of all NRIs who are keen to leverage the economic advantage India offers, via investments in the country. Life insurance solutions from us are designed to help NRIs fulfil their multiple long-term financial goals in a systematic and disciplined manner.”

Bajaj Allianz Life’s Customer-First Approach for the NRI Community
NRIs have been noted to prefer Indian life insurance policies as they offer simpler underwriting processes, lower premiums, sufficient coverage for their Indian financial obligations and most importantly simple claims process for beneficiaries in the country. Bajaj Allianz Life with its differentiated service architecture and distinctive products is well placed to cater to this segment. Customers can pick from a large product suite to fulfil their goals of wealth creation, retirement planning or any other long-term financial goal.

The Company offers services such as video call virtual branch experiences, responsive 24x7 call centre, segmented WhatsApp and chatbot services, a dedicated portal for NRIs, medical facilities across the globe and more to ensure wherever the NRI customers are, they are able to engage with Bajaj Allianz Life and get their Life Goals DONE!

Bajaj Allianz Life’s Institutional Business Focus
Bajaj Allianz Life’s Institutional Business recorded an IRNB of ₹ 468.5 Crores in Q1 FY24, highlighting its rapid growth. Bajaj Allianz Life Insurance saw a robust growth in business from across its markets, and segments. The Company ended FY23 with ₹ 19,461 crores Gross Written Premium (GWP) and highest ever Asset Under Management (AUM) of ₹ 90,584 crores.

Bajaj Allianz Life achieved the highest growth in the Number of Policies (NOP) among major private life insurance players in the last five years. The Company leverages digital technology for streamlined processes, advanced analytics for personalized plans, and tech-driven models for underwriting to ensure an exceptional customer experience.

The Company has undergone a remarkable transformation in its Institutional Business and a 65% CAGR in terms of IRNB from 2019 to 2023 is indicative of that. By forging collaborative, long-term, solution-oriented Banca partnerships with around 28 banking partners and 28 non-banking partners which include Axis Bank, J&K Bank, Punjab & Sind Bank, the channel is poised to serve its customers better.

To ensure that both partners and customers have a digitised experience, Bajaj Allianz Life has implemented intelligent backend processes to expedite policy issuance and tech-enabled prediction models to enhance underwriting efficiency. Partners and sales users can use Bajaj Allianz Life’s omni-platform to offer value-added features. Furthermore, the Company has introduced Digibanca, a smart and intuitive online platform for the banca channel to manage customers efficiently.

Customers can also interact with the Company through a variety of digital platforms, such as whatsapp and the Company's own app.

Bajaj Allianz Life achieved an impressive claim settlement ratio of 99.04% for the financial year 2022-23, demonstrating its strong commitment to offering a better claims experience.

Remarkable growth prospects, innovative products, coupled with the right technology, digital platforms for all stakeholders, trust backed by its claim settlement ratio and extensive reach makes Bajaj Allianz Life as the partner of choice for banks and other financial institutions.

Insurance Landscape in India, Punjab& Chandigarh
While importance of life insurance for financial stability has gained more importance, there is still a significant gap in its coverage in India including Punjab and Chandigarh. According to the Economic Survey 2022-23, the penetration level of life insurance in the country was at 3.2% in 2021, indicating significant untapped potential in reaching the last mile. Data also suggests that additional efforts are required to spread awareness about the importance of insurance penetration in Punjab and Chandigarh to secure families’ financial future.

In Punjab and Chandigarh, Bajaj Allianz Life maintains a strong presence with an extensive network of advisors, numerous key partners. With a robust multi-channel distribution network and a wide range of insurance products, the Company is committed to bolstering insurance accessibility in the region empowering customers to secure their financial future.

Bajaj Allianz Life’s Recent Product Launches:

Ensuring the launch of different kinds of products for various segments of customers, helps the Company empower its distributors to engage with customers in a meaningful manner. This has led the Company to maintain a balanced product mix between ULIPs, guaranteed products, and traditional products.

Some of the recent product launches include first-of-its-kind dynamic life insurance plan. Bajaj Allianz Life ACE - a non-linked, participating, individual life insurance savings plan, India's first Diabetic Term Plan that helps pre-diabetics and those with Type-II diabetes get insurance coverage and the introduction of Small-Cap Fund and Dynamic Fund for its ULIPs.

Each of these are designed to meet customers (both in India and NRIs) to meet any of their financial goals in a disciplined and systematic manner.
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