Bajaj Allianz Life Ins. leverages expertise of Insurance Consultants to boost insurance uptake in Gujarat
Ahmedabad, Bajaj Allianz Life Insurance, one of the leading private life insurer, harnesses its extensive network of Insurance Consultants (ICs) to educate, simplify and personalize life insurance as a versatile investment tool. With over 7000 agents and 25 offices in Gujarat, the Company is strategically positioned to drive insurance penetration in the region. These dedicated ICs (agents) engage with customers, facilitating informed financial decisions aligned with their life goals.
While there is an increasing awareness of the significance of life insurance in ensuring financial security, a notable gap in coverage persists throughout India and in the state of Gujarat. According to the Economic Survey 2022-23, the penetration level of life insurance in the country was at 3.2% in 2021, indicating substantial untapped potential in reaching underserved areas.
As per the Journal of Insurance Institute of India (Jan-Mar’23), around 4.8% of the total number of policies sold in the country are from Gujarat, underscoring the need to raise awareness about insurance’s critical role in securing families’ financial futures. Bajaj Allianz Life’s strong network of ICs (agents), complemented by a robust multi-channel distribution system, diverse product offerings, and an agile digital ecosystem has placed Bajaj Allianz Life in good stead to drive life insurance penetration in Gujarat and across the country.
Reflecting on the pivotal role of agents in driving insurance penetration in the country and the state of Gujarat, Sameer Joshi, Chief Agency Officer at Bajaj Allianz Life, commented, “Focusing on omni and new-age channels has made insurance more accessible to a diverse customer base. However, many customers still bestow a great deal of trust on ICs (agents) to help them choose the suitable life insurance plan for a secure financial future.
Therefore, it is imperative for us to enable and empower our agents with the necessary knowledge, innovative products, and forward-thinking processes so they help customers in achieving their life goals. It is equally important that we create an environment in which our agent/partners can thrive. With our focussed efforts to create a conducive ecosystem that’s beneficial for our customers and agents alike, I’m confident that we can expand insurance access both nationally and in Gujarat.”
Bajaj Allianz Life boasts one of the largest agency networks in the country. Moreover, it stands out as the only Company with a 100% digital agency channel, ensuring agents harness the power of technology from the moment they join the Company. The Company has fostered an ecosystem that empowers its agents to thrive both professionally and financially.
Through tools, resources, incentives, and recognition, agents can not only monitor their progress but also excel in a competitive industry. Additionally, Bajaj Allianz Life facilitates early agent training through various initiatives and technology platforms, solidifying its position as agents’ preferred partner.
As of August 31, 2023, Bajaj Allianz Life achieved a Gross Written Premium (GWP) of over 1,744 crores and attained its highest-ever Assets Under Management (AUM) of ₹96,896 crores. It has over 1,36,453 active agents, 503 branch offices, and a presence through branches of all the company’s financial institutional partners. Customers can also interact with the company through a variety of digital services, including WhatsApp and the company’s dedicated app.
Bajaj Allianz Life’s Product Focus:
• Empowering the distributors:
o Ensuring the launch of different kinds of products for various segments of customers.
o Maintaining a balanced product mix between ULIPs, guaranteed products, and traditional products.
• Recent Product Launches in FY24:
o First-of-its-kind dynamic life insurance plan, Bajaj Allianz Life ACE – a non-linked, participating, individual life insurance savings plan.
o India’s first Diabetic Term Plan that helps pre-diabetics and those with Type-II diabetes get insurance coverage.
o Introduction of Small-Cap Fund and Dynamic Fund for its ULIPs
