Bajaj Allianz Gen Insurance to enter credit insurance business

By Our Banking Bureau | 21 Jun 2003

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Pune: Bajaj Allianz General Insurance Company is planning to get into the credit insurance business, an area dominated by the Export Credit Guarantee Corporation. The company has also become the first insurance company to issue online issuance of marine certificates to customers from their own location itself.

Bajaj Allianz chief operating officer Kamesh Goyal says his company is finalising business plans for the credit insurance product. "It will take a couple of months to get Insurance Regulatory Development Authority approvals, after which it will hit the market. Had it not been for the SARS scare, the product would have been ready for launch in July 2003."

Credit insurance calls for a good database of information on companies and countries across the globe. For this, Bajaj Allianz is working out an agreement with Singapore-based Hermes, which is an Allianz company. The Singapore-based Hermes team could not travel to India due to travel restrictions, which caused a delay.

 

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