Bajaj Allianz Life focuses on enhancing insurance uptake in Tamil Nadu
- Strengthens strategic partnerships with key financial institutions in the state
Chennai, February 6, 2024: Bajaj Allianz Life Insurance, one of the leading private life insurers in India, continues to enhance its distribution footprint across India and particularly in Tamil Nadu, to empower customers with value-packed life insurance plans. The Company employs a robust multi-channel distribution approach, with a particular focus on collaborative partnerships with financial institutions across the nation. This channel of business is referred to as Institutional Business within the company.
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| Dheeraj Sehgal, Chief Distribution Officer – Institutional Business, Bajaj Allianz Life |
Today, Bajaj Allianz Life Insurance has strategic partnerships with over 82 financial institutions in the country, which includes 33 leading banks. Notably, the Company has partnered with four prominent banks headquartered in Tamil Nadu like Tamilnad Mercantile Bank, Citi Union Bank, Karur Vysya Bank, and Equitas Small Finance Bank.
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Commenting on the Company’s Institutional Business, Mr. Dheeraj Sehgal, Chief Distribution Officer – Institutional Business, Bajaj Allianz Life, said, "We are dedicated to fulfilling the long-term life goals of customers across segments and continue to invest in enhancing our product suite and services bouquet thereof. We are thankful to our strategic partners, especially those in Tamil Nadu. They have enabled us to reach customers across the state and we look forward to growing these partnerships in every possible way. We believe that our robust technology architecture is among the finest in the industry, designed to ensure that both existing and new partners can seamlessly integrate with us and serve customers in an easy and secure manner."
Business Overview of Bajaj Allianz Life Institutional Business
Through strategic partnerships across the country, Bajaj Allianz Life has experienced strong growth, particularly over the last five years. From 2019 to 2023, the Company's Institutional Business has achieved a robust Compound Annual Growth Rate (CAGR) of 65% in terms of Individual Rated New Business (IRNB). Specifically, Bajaj Allianz Life’s Institutional Business witnessed an 18% growth in IRNB for the year-to-date for YTD December 2023.
In Tamil Nadu, Bajaj Allianz Life’s Institutional Business recorded a remarkable 52% growth in terms of IRNB for YTD December 2023. The number of policies (NOPs) sold also experienced a notable surge, with a 53% increase for YTD December 2023, indicating the growing affinity of customers toward the brand.
Advantage of forging a strategic partnership with Bajaj Allianz Life Insurance
Bajaj Allianz Life has undergone a transformational journey since 2017, achieving impressive growth across all parameters during these years. The company's growth has been fuelled by its emphasis on enhancing the distribution channel, adopting a digital and tech-first approach, and introducing innovative, first-of-its-kinds products to help customers fulfil their long-term life goals. This has enabled the Company to establish a strong differentiation amongst their strategic partnerships as well.
Today, the company provides its partners with a Bespoke Banca experience, offering a state-of-the-art digital and tech architecture that enables any partner to simply plug-and-play. Empowered teams continuously engage with partners, providing customized products and solutions that best fit the needs of the partners' customers. This holistic approach has ensured that Bajaj Allianz Life maintains sustained and fruitful partnerships over the long term.
Bajaj Allianz Life, one of the India’s fastest growing private life insurer
The Company continues to invest in new products to meet the diverse needs of its customers and provides some of the most unique self-service options. It has built processes and leverages new age tech to ensure greater efficiency and ease both internally and externally. This continuous developmental approach has positioned Bajaj Allianz Life as one of the fastest-growing private life insurer, clocking a 24% growth in IRNB for YTD December, 2023 as compared to the industry’s 7% growth in IRNB for the same period.
Bajaj Allianz Life covers over 4.30 crore lives and manages Assets Under Management exceeding Rs. 1,00,000 crores (Rupees One Lakh Crore, as of YTD December 2023). Additionally, the Company has achieved an impressive claim settlement ratio of 99.04% and maintains a solvency ratio of 516% for the financial year 2022-23."
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