Bajaj Allianz scores a double-500
Our Banking Bureau
13 February 2005
Bajaj Allianz Life Insurance Company Ltd recorded Rs500 crore GWP from April 2004 to January 2005, and has insured a total of 500,000+ customers, scoring a double-500 this year. The company recently launched an online sales portal and has been widening its distribution network as well as strengthening its market presence, through strategic partnerships with the right distributors and a strong, focussed relationship with each of its partners. At present, Bajaj Allianz ranks third amongst private players, with a market share of 12 per cent (as per IRDA results for this financial year, up to December 2004).
The company's agents, bancassurance partners, corporate agents and sales team, apart from its decentralised operations and flexible products, have played a major role in its fast paced growth. Decentralisation has empowered Bajaj Allianz branch managers with the authority to think as business managers and build their branches as profit centres. They are encouraged to open satellite branches within a radius of 200 km around their branches. This gives branch managers the depth of decision- making and speed required to react to market dynamics and consumer needs. The management has also appointed full-time training personnel for each branch.
The fastest growing private life insurance company in India, Bajaj Allianz's portfolio of 19 products includes comprehensive 'Employee Benefit Solutions' (Group Term Life, EDLI, Gratuity, Superannuation, Keyman Insurance and more); InvestGain (a unique life insurance plan for the individual, where a regular income is combined in a plan that also pays a lump sum), Cash Gain (money back), Child Gain (children's plan), Risk Care (pure term), Lifetime Care (whole life), Term Care (term with return of premium), Swarna Vishranti (retirement plan), Protector (mortgage term insurance plan), UnitGain (unit-linked plan), UnitGain Single Premium, Unit Gain Plus, Unit Gain Plus SP, Lifelong Gain Plan, Unit Gain Single Pension and Unit Gain Easy Pension.
It has a pan-India presence, with offices in 225 cities, and a strong network of over 35,000 trained insurance consultants with 121 MRDT qualifiers in the calendar year 2004.