Bhubaneswar: Bajaj Allianz Life Insurance Company Ltd., one of the leading private life insurers of the country, reported a stellar growth of 38% on individual rated new business premium for FY 2017-2018. This is almost double of the industry growth rate that stood at 19% for the same period. The company’s growth rate was highest amongst the top 10 private life insurers in the country.
On total new business premium too, Bajaj Allianz Life Insurance grew at a much faster pace at 29% as against the industry growth of 11%. Bajaj Allianz Life Insurance also saw its market share increase to 2.2% in FY2017-2018 as compared to 1.9% in FY2016-2017.
Bajaj Allianz Life Insurance continues to enjoy a strong-hold in the East zone of the nation and has been one of the top five private life insurer in the state. For FY 2017-2018 the key cities Bhubaneshwar and Cuttack saw a strong growth in market share of 39% and 12%, respectively. The company is committed to further strengthen its presence in the state in the new financial year.
Speaking to the media during his visit to the state, Manish Sangal, Chief Agency Officer, Bajaj Allianz Life Insurance Company, said: “Bajaj Allianz Life Insurance Company Ltd. clocked the fastest growth rate among the top private life insurers, and this has been a cumulative result of the several initiatives undertaken by the company. We have invested significantly towards being seen as the enablers of life goals, from introducing new products, enhancing customer engagement through technology upgrades and expanding our customer touch-points. We are confident that these initiatives will help us further delight our customers, and strengthen our position as life goal enablers in the years to come.”
Commenting on Odisha, he added, “Bhubaneshwar and Cuttack continue to be our leading cities in the state, clocking a healthy growth over the last financial year. Going forward we are confident that this growth rate will be higher and our penetration will be deeper in the state.”
SNAPSHOT OF KEY INITIATIVES BY BAJAJ ALLIANZ LIFE INSURANCE• Bajaj Allianz Life Goal Assure is the new age ULIP with a unique feature of return of life cover charges. This is the first time a life insurance company has returned life cover charge to policyholders on maturity. This feature makes the online ULIP more transparent and provides a strong investment proposition for new age investors. • Mosambee is a hand-held device that takes branch services to the customers’ doorstep. Customers can access and manage their policy including policy renewals though cashless online payment options, at their convenient time and location. o In just 5 months, the company has collected renewal premiums of more than INR 280 crores through Mosambee• Photo De Dupe helps customers to log in and access information with just a click of a selfie. With this feature, customers can log on faster, and in case of purchasing a new policy get all the key details auto populated. o Almost 60% of the data such as policy holder details, nominee details, existing policies etc. is duly filled with this feature• BOING is the company’s 24×7 virtual chat assistant that responds to customer queries instantly and assists them with an entire range of policy services.o BOING has garnered an impressive response from customers with more than 1.5 lakh unique visitors • Life Assist is the dedicated portal for customers, and is a one-stop solution for customers for all their queries on their Bajaj Allianz Life policy. o Over 2 lakhs customers have used the portal since its launch• iSmart, Instab, iRecruit are key initiatives for the sales force including the agents, which help them serve customers better, be updated with key developments and follow through any customer requirements.
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