Allianz Bajaj customer base crosses 2-lakh mark in 23 months

Mumbai: Allianz Bajaj Life Insurance Company, a joint venture between Allianz AG of Germany and Bajaj Auto, today announced that they have achieved the distinction of covering 2 lakh customers in a short period of 23 months, since commencement of its operations in October 2001.

This mark, achieved on 27 August 2003, has made Allianz Bajaj the second private life insurance company in the country to announce this achievement.

Says Allianz Bajaj CEO James Walton: "This is truly a landmark achievement for us, especially when we take into account the pace at which we have done it. A key to this success has been our emphasis on market development and aggressive penetration.

"The training imparted to the sales force coupled with need-based selling has enabled us to develop this large and rapidly growing, satisfied customer base. I am confident, we will continue to improve our market share while providing world-class service and sound value propositions through our products."

Highlights

  • Allianz Bajaj Life Insurance commenced its operations in October 2001 and is today present in 34 locations with 63 customer care centres (branches). By the close of the current fiscal, Allianz Bajaj will establish its network in 50 locations through nearly 100 branches to capitalise on a truly pan-Indian presence.
  • The period from April 2002 to March 2003 marked the first complete fiscal in the history of the young company and Allianz Bajaj has already shown record growth in every sphere, during this period.
  • During the current fiscal (starting April 2003 till 27 August 2003) the company already covered nearly 62,000 customers and collected premiums worth over Rs 30 crore.

Allianz Bajaj Life Insurance has developed insurance solutions that cater to every segment and age-income profiles. Its products include InvestGain (a unique life insurance plan where sustenance of income is combined in the same plan that also pays a lump sum), Cash Care (money back), Child Care (children's plan), Risk Care (pure term), Lifetime Care (whole life), Term Care (term with return of premium) and Swarna Vishranti (retirement plan).