Bajaj Allianz Life leverages expertise of Insurance Consultants to boost uptake in Gujarat

Ahmedabad: Bajaj Allianz Life Insurance, which has over 7000 agents and 25 offices in Gujarat, today informed that it has 13.6 lakh policyholders in Gujarat and its growth in Gujarat is at 28 percent.

The company, describing the untapped scrope stated that 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.

The company has focused on simplified communication, 100 percent digital services offering, best use of technology(such as Aadhar and OTP-based onboarding), and forms and other materials in 11 regional languages to reach out to the upcountry markets.

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 achieve their life goals. It is equally important that we create an environment in which our agents/partners can thrive. With our focused 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.”

Joshi in reply to a question said the importance of agents has not decreased even when people prefer to do most things online, that is because when it comes to insurance, the family makes a decision, and the husband and wife both jointly make decisions and there comes the role of agent for simplified and clear communication that may help them taking the decision. He said a large chunk of people fall in the ROBO category, meaning Research Online Buy Offline.

As of August 31, 2023, Bajaj Allianz Life said it has 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.

Joshi said the company has launched a First-of-its-kind dynamic life insurance plan, Bajaj Allianz Life ACE – a non-linked, participating, individual life insurance savings plan. The company has also launched India’s first Diabetic Term Plan that helps pre-diabetics and those with Type-II diabetes get insurance coverage. The company has Introduced  Small-Cap Fund and Dynamic Fund for its ULIPs. DeshGujarat