Bajaj Allianz General Insurance Company Limited is a brand that constantly aims at creating its own niche in the market and reflects a brand promise that customers not only relate to, but trust for their insurance needs.
Bajaj Allianz General Insurance is a joint venture between Allianz SE and Bajaj Finserv Limited. The company received it’s the certificate of registration from IRDA on the 2nd of May 2001, and has since been India’s leading general insurance company, present in 1000+ geographies pan-India.
17 and Strong
Bajaj Allianz General Insurance started with the sole aim to be the leader in the general insurance sector. 17 years down the line, the company continues to sustain the momentum and stand tall amongst competition as the most profitable private insurer. The idea was to be a customer-centric market leader by understanding the needs and transforming them into affordable products that deliver value for money. Today, the company has reaffirmed its strong financial position in the industry. The company posted profit after tax of INR 728 crores in FY 17. The company is the only insurer in Indian general insurance industry to have posted consistent profits since its inception in 2001. Bajaj Allianz also reported a healthy Combined Ratio of 96.8 per cent and a solvency of 261 per cent. This can be accredited to the company’s prudent underwriting norms, risk-based pricing and a sound financial position.
Bajaj Allianz General Insurance caters to individuals across demographics of the country and the corporate sector with its wide range of products and services that go beyond insurance. The company is not only bringing insurance solutions to the customers’ doorstep but also improving insurance penetration, with its advanced digital and mobile applications. Today through its digital offices it has reached out to over 1000 new Tier 2 and 3 towns across India. It is also growing the footprint of personal lines of insurance through its All Women Branches. Known for its claim and customer service levels, Bajaj Allianz has received iAAA rating from ICRA for 12 consecutive years which indicates the company’s highest claims paying ability and its fundamentally robust financial. The company has a strong focus on customer centricity and aims at delivering superior value along with an excellent and seamless customer experience
In addition to unique product offerings, Bajaj Allianz General Insurance has embraced digitalization as a primary enabler and has been working continuously on automation and digitization of its service offerings. As a thought leader in the Indian insurance space the endeavor is to make the entire insurance experience from policy issuance to claims settlement smooth and hassle free for the customers. The company has hence come up with several App based solutions that settle motor and health claims within minutes, without the customer having to visit a company branch to file claims. It has also revolutionized the travel claims experience by implementing block chain, a technology through which the insurance company shall proactively settle claims even before the customer thinks about filing a claim.
Bajaj Allianz General Insurance is the only company giving the customers a complete connected experience, through its telematics based motor insurance, health monitoring apps and state of the art home insurance policies.
A Brand Name to Reckon with
The company was conferred with Private Sector General Insurance Company of the Year at Fintelekt Insurance Awards 2017 and is the only Asian Insurance company to be honored by prestigious Insurance Asia Awards. The Company also received accolades for Best Non-Life Insurance provider and Best Motor Insurance provider at Outlook Money Awards 2016. The brand has also been recognized as one of the most trusted general insurance brand in The Brand Trust Report India Study 2016 covering 20,000 brands across 16 cities. Given the strong support of its distribution network, an impressive market share, prudent underwriting norms and the philosophy of growth with awareness and risk-based pricing, Bajaj Allianz General Insurance is the only insurer in the industry to have been escalating its business while yielding profits since inception.
Bajaj Allianz General Insurance has become a brand name to be reckoned with, the company continues to emphasize on the relationship they believe in having with their customers and not make it only about the products and services they offer, hence building an emotional connect with them. This strong belief coupled with impending work ethic, has ventured towards creating a relationship that extends beyond just selling policies.